N-CSR

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N-CSR 1 d903028dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23304

Invesco Exchange-Traded Self-Indexed Fund Trust

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:


				Invesco Annual Report to Shareholders August 31, 2023

				BSCN		Invesco BulletShares 2023 Corporate Bond ETF

				BSCO		Invesco BulletShares 2024 Corporate Bond ETF

				BSCP		Invesco BulletShares 2025 Corporate Bond ETF

				BSCQ		Invesco BulletShares 2026 Corporate Bond ETF

				BSCR		Invesco BulletShares 2027 Corporate Bond ETF

				BSCS		Invesco BulletShares 2028 Corporate Bond ETF

				BSCT		Invesco BulletShares 2029 Corporate Bond ETF

				BSCU		Invesco BulletShares 2030 Corporate Bond ETF

				BSCV		Invesco BulletShares 2031 Corporate Bond ETF

				BSCW		Invesco BulletShares 2032 Corporate Bond ETF

				BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF

				BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF

				BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF

				BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF

				BSJR		Invesco BulletShares 2027 High Yield Corporate Bond ETF

				BSJS		Invesco BulletShares 2028 High Yield Corporate Bond ETF

				BSJT		Invesco BulletShares 2029 High Yield Corporate Bond ETF

				BSJU		Invesco BulletShares 2030 High Yield Corporate Bond ETF

				BSMN		Invesco BulletShares 2023 Municipal Bond ETF

				BSMO		Invesco BulletShares 2024 Municipal Bond ETF

				BSMP		Invesco BulletShares 2025 Municipal Bond ETF

				BSMQ		Invesco BulletShares 2026 Municipal Bond ETF

				BSMR		Invesco BulletShares 2027 Municipal Bond ETF

				BSMS		Invesco BulletShares 2028 Municipal Bond ETF

				BSMT		Invesco BulletShares 2029 Municipal Bond ETF

				BSMU		Invesco BulletShares 2030 Municipal Bond ETF

				BSMV		Invesco BulletShares 2031 Municipal Bond ETF

				BSMW		Invesco BulletShares 2032 Municipal Bond ETF

Table of Contents


The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			88

Schedules of Investments

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)			89

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)			92

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)			99

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)			107

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)			115

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)			123

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)			130

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)			136

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)			142

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)			148

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)			153

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)			155

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)			158

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)			162

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)			167

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)			172

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)			179

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)			186

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)			189

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)			196

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)			213

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)			230

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)			252

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)			271

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)			287

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)			299

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)			310

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)			319

Statements of Assets and Liabilities			326

Statements of Operations			332

Statements of Changes in Net Assets			338

Financial Highlights			348

Notes to Financial Statements			376

Report of Independent Registered Public Accounting Firm			394

Fund Expenses			396

Tax Information			399

Trustees and Officers			401

Approval of Investment Advisory Contracts			411


		2

The Market Environment

Fixed Income

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with their hawkish policy with two 0.25% hikes in March and May to a target federal funds rate of 5.00% to 5.25%. Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led to developed central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, bringing the target rate from 5.25% to 5.50%, its highest level since June 2006.¹ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.² At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA^† on the premise of expected fiscal deterioration over the next three years.³

We believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectations that the US is likely to avoid a substantial broad-based recession. We expect some weakness in the

second half of the calendar year as policymakers accomplish a bumpy landing. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

¹	Source: Federal Reserve of Economic Data

²	Source: US Department of the Treasury

³	Source: Fitch Ratings

†

A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.


		3


BSCN		Management’s Discussion of Fund Performance
BSCN		Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

As an index fund, the Invesco BulletShares 2023 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2023 Index (the “2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2023 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2023. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 4.09%. On a net asset value (“NAV”) basis, the Fund returned 4.04%. During the same time period, the Index returned 4.21%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure

for investors as a representation of fixed-rate investment-grade taxable debt.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the pharmaceuticals industry and most underweight in the banking industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. The passenger airlines industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Sprint LLC, 7.88% coupon, due 09/15/2023, a wireless telecommunication services company (portfolio average weight of 3.62%), and Oracle Corp., 2.40% coupon, due 09/15/2023, a software company (portfolio average weight of 2.08%). The only position that detracted from the Fund’s return during the period was Delta Air Lines, Inc., 3.80% coupon, due 4/19/2023, a passenger airlines company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
U.S. Treasury Securities			35.96
Financials			15.06
Health Care			12.42
Energy			7.27
Information Technology			6.36
Utilities			4.93
Communication Services			4.19
Consumer Staples			4.17
Industrials			3.91
Sector Types Each Less Than 3%			4.19
Money Market Funds Plus Other Assets Less Liabilities			1.54


		4

Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
U.S. Treasury Bills, 5.30%–5.32%, 10/19/2023			22.00
U.S. Treasury Bills, 5.21%–5.27%, 09/21/2023			13.96
Sprint LLC, 7.88%, 09/15/2023			3.49
Oracle Corp., 2.40%, 09/15/2023			2.05
Goldman Sachs Group, Inc. (The), 1.22%, 12/06/2023			1.57
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/2023			1.51
Schlumberger Investment S.A., 3.65%, 12/01/2023			1.32
Bristol-Myers Squibb Co., 0.54%, 11/13/2023			1.28
Gilead Sciences, Inc., 0.75%, 09/29/2023			1.25
Microsoft Corp., 3.63%, 12/15/2023			1.23
Total			49.66

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2023 Index		4.21	%		1.17	%		3.54	%		3.52	%		18.86	%		3.47	%		35.72	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			2.09			20.37
Fund
NAV Return		4.04			1.05			3.19			3.36			17.97			3.34			34.15
Market Price Return		4.09			1.02			3.10			3.32			17.73			3.32			33.94


		5

Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)

Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		6


BSCO		Management’s Discussion of Fund Performance
BSCO		Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

As an index fund, the Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2024 Index (the “2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2024 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2024. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.81%. On a net asset value (“NAV”) basis, the Fund returned 2.67%. During the same time period, the Index returned 2.77%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the consumer finance industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. There were no industries that detracted from the Fund’s return during the period.

Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65% coupon, due 10/29/2024, a financial services company (portfolio average weight of 0.95%), and Sprint LLC, 7.13% coupon, due 6/15/2024, a wireless telecommunication services company (portfolio average weight of 0.79%). No positions detracted from the Fund’s return during the period.


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			35.91
Health Care			10.61
Information Technology			9.55
Industrials			8.22
Consumer Discretionary			8.13
Energy			7.61
Consumer Staples			6.69
Communication Services			4.47
Utilities			4.16
Sector Types Each Less Than 3%			3.31
Money Market Funds Plus Other Assets Less Liabilities			1.34


		7

Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
AbbVie, Inc., 2.60%, 11/21/2024			1.11
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/2024			0.95
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024			0.91
Morgan Stanley, Series F, 3.88%, 04/29/2024			0.91
Bank of America Corp., 4.20%, 08/26/2024			0.90
Boeing Co. (The), 1.43%, 02/04/2024			0.90
Morgan Stanley, 3.70%, 10/23/2024			0.90
JPMorgan Chase & Co., 3.88%, 09/10/2024			0.90
Credit Suisse AG, 3.63%, 09/09/2024			0.84
Sprint LLC, 7.13%, 06/15/2024			0.77
Total			9.09

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2024 Index		2.77	%		(0.13	)%		(0.38	)%		3.27	%		17.45	%		3.41	%		35.02	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			2.09			20.37
Fund
NAV Return		2.67			(0.22	)		(0.67	)		3.12			16.63			3.22			32.86
Market Price Return		2.81			(0.24	)		(0.71	)		3.09			16.45			3.22			32.86


		8

Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)

Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		9


BSCP		Management’s Discussion of Fund Performance
BSCP		Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

As an index fund, the Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2025 Index (the “2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2025 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2025. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.19%. On a net asset value (“NAV”) basis, the Fund returned 1.99%. During the same time period, the Index returned 2.10%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Charter Communications Operating LLC, 4.91% coupon, due 7/23/2025, a media company (portfolio average weight of 1.01%), and Banco Santander S.A., 5.15% coupon, due 8/18/2025, a banks company (portfolio average weight of 0.39%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included QVC Inc., 4.45% coupon, due 2/15/2025, a broadline retail company (no longer held at fiscal year-end), and Valero Energy Corp., 2.85% coupon, due 4/15/2025, an oil, gas & consumable fuels company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			34.10
Health Care			11.39
Industrials			8.99
Consumer Discretionary			8.90
Information Technology			8.67
Energy			8.08
Consumer Staples			5.48
Communication Services			4.79
Utilities			4.05
Real Estate			3.00
Materials			1.59
Money Market Funds Plus Other Assets Less Liabilities			0.96


		10

Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025			1.01
Visa, Inc., 3.15%, 12/14/2025			0.88
AbbVie, Inc., 3.60%, 05/14/2025			0.83
Boeing Co. (The), 4.88%, 05/01/2025			0.79
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025			0.77
Oracle Corp., 2.50%, 04/01/2025			0.76
Microsoft Corp., 3.13%, 11/03/2025			0.66
Morgan Stanley, 4.00%, 07/23/2025			0.66
CVS Health Corp., 3.88%, 07/20/2025			0.63
Exxon Mobil Corp., 2.99%, 03/19/2025			0.61
Total			7.60

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2025 Index		2.10	%		(1.11	)%		(3.31	)%		3.09	%		16.41	%		3.13	%		27.53	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			2.07			17.56
Fund
NAV Return		1.99			(1.21	)		(3.58	)		2.98			15.84			2.93			25.60
Market Price Return		2.19			(1.21	)		(3.58	)		2.92			15.48			2.93			25.62


		11

Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)

Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		12


BSCQ		Management’s Discussion of Fund Performance
BSCQ		Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

As an index fund, the Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2026 Index (the “2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2026. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.95%. On a net asset value (“NAV”) basis, the Fund returned 1.64%. During the same time period, the Index returned 1.80%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return. The textiles, apparel & luxury goods industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Boeing Co. (The), 2.20% coupon, due 2/4/2026, an aerospace & defense company (portfolio average weight of 1.22%), and Aercap Ireland Capital DAC / Aercap Global Aviation Trust, 2.45% coupon, due 10/29/2026, a financial services company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included SVB Financial Group, 10/28/26, a banks company (no longer held at fiscal year-end), and MPT Operating Partnership LP, 5.25% coupon, due 08/01/2026, a diversified REITs company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			33.32
Health Care			10.18
Information Technology			9.97
Industrials			8.07
Consumer Discretionary			7.51
Energy			6.93
Consumer Staples			6.46
Communication Services			6.08
Utilities			4.65
Real Estate			4.55
Materials			1.38
Money Market Funds Plus Other Assets Less Liabilities			0.90


		13

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Boeing Co. (The), 2.20%, 02/04/2026			1.22
Dell International LLC/EMC Corp., 6.02%, 06/15/2026			1.09
Microsoft Corp., 2.40%, 08/08/2026			0.92
AbbVie, Inc., 2.95%, 11/21/2026			0.89
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026			0.81
Wells Fargo & Co., 3.00%, 04/22/2026			0.81
Wells Fargo & Co., 3.00%, 10/23/2026			0.77
Apple, Inc., 3.25%, 02/23/2026			0.74
Morgan Stanley, 3.88%, 01/27/2026			0.71
HSBC Holdings PLC, 4.30%, 03/08/2026			0.71
Total			8.67

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2026 Index		1.80	%		(2.00	)%		(5.89	)%		3.01	%		15.98	%		2.20	%		16.36	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			1.35			9.77
Fund
NAV Return		1.64			(2.12	)		(6.22	)		2.89			15.33			2.12			15.70
Market Price Return		1.95			(2.15	)		(6.31	)		2.87			15.18			2.12			15.72


		14

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)

Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		15


BSCR		Management’s Discussion of Fund Performance
BSCR		Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

As an index fund, the Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2027 Index (the “2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2027 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2027. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.01%. On a net asset value (“NAV”) basis, the Fund returned 1.53%. During the same time period, the Index returned 1.58%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the consumer finance industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets industry. There were no industries that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Banco Santander S.A., 5.29% coupon, due 8/18/2027, a banks company (portfolio average weight of 0.48%), and Celanese US Holdings LLC, 6.17% coupon, due 7/15/2027, a chemicals company (portfolio average weight of 0.56%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included MPT Operating Partnership LP, 5.00% coupon, due 10/15/2027, a diversified REITs company (no longer held at fiscal year-end), and KeyBank N.A., 5.85% coupon, due 11/15/2027, a banks company (portfolio average weight of 0.28%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			27.39
Health Care			10.61
Information Technology			10.57
Consumer Discretionary			9.31
Consumer Staples			8.07
Industrials			7.95
Communication Services			6.72
Energy			6.62
Utilities			5.71
Real Estate			3.29
Materials			2.75
Money Market Funds Plus Other Assets Less Liabilities			1.01


		16

Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Microsoft Corp., 3.30%, 02/06/2027			1.06
Warnermedia Holdings, Inc., 3.76%, 03/15/2027			1.03
Citigroup, Inc., 4.45%, 09/29/2027			1.02
Amazon.com, Inc., 3.15%, 08/22/2027			0.91
Verizon Communications, Inc., 4.13%, 03/16/2027			0.86
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027			0.79
Morgan Stanley, 3.63%, 01/20/2027			0.79
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027			0.76
Oracle Corp., 3.25%, 11/15/2027			0.71
Meta Platforms, Inc., 3.50%, 08/15/2027			0.71
Total			8.64

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2027 Index		1.58	%		(2.26	)%		(6.63	)%		2.91	%		15.42	%		2.24	%		14.02	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			1.08			6.58
Fund
NAV Return		1.53			(2.33	)		(6.84	)		2.81			14.85			2.08			12.97
Market Price Return		2.01			(2.33	)		(6.83	)		2.78			14.70			2.08			13.00


		17

Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)

Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		18


BSCS		Management’s Discussion of Fund Performance
BSCS		Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

As an index fund, the Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2028 Index (the “2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2028 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2028. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.38%. On a net asset value (“NAV”) basis, the Fund returned 1.97%. During the same time period, the Index returned 2.11%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

For the fiscal year ended August 31, 2023, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. The biotechnology industry detracted most significantly from the Fund’s return, followed by the broadline retail industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Aercap Ireland Capital DAC/Aercap Global Aviation Trust, 3.00% coupon, due 10/29/2028, a financial services company (portfolio average weight of 1.16%), and Netflix, Inc., 5.88% coupon, due 11/15/2028, an entertainment company (portfolio average weight of 0.69%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included KeyCorp, 4.10% coupon, due 4/30/2028, a banks company (portfolio average weight of 0.24%), and Amgen, Inc., 5.15% coupon, due 3/2/2028, a biotechnology company (portfolio average weight of 1.35%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			20.87
Health Care			14.01
Industrials			9.58
Information Technology			9.49
Utilities			9.08
Consumer Staples			8.52
Communication Services			7.95
Consumer Discretionary			6.03
Energy			6.01
Real Estate			5.96
Materials			1.37
Money Market Funds Plus Other Assets Less Liabilities			1.13


		19

Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
CVS Health Corp., 4.30%, 03/25/2028			1.69
Amgen, Inc., 5.15%, 03/02/2028			1.32
Cigna Group (The), 4.38%, 10/15/2028			1.29
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028			1.14
RTX Corp., 4.13%, 11/16/2028			1.01
Credit Suisse AG, 7.50%, 02/15/2028			0.95
Sprint Capital Corp., 6.88%, 11/15/2028			0.92
Verizon Communications, Inc., 2.10%, 03/22/2028			0.87
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 04/13/2028			0.85
Apple, Inc., 1.20%, 02/08/2028			0.76
Total			10.8

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2028 Index		2.11	%		(2.68	)%		(7.81	)%		2.78	%		14.71	%		2.83	%		15.17	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		1.41			7.24			1.47			7.65
Fund
NAV Return		1.97			(2.80	)		(8.17	)		2.61			13.73			2.65			14.14
Market Price Return		2.38			(2.79	)		(8.12	)		2.59			13.65			2.62			14.00


		20

Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (continued)

Fund Inception: August 9, 2018

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		21


BSCT		Management’s Discussion of Fund Performance
BSCT		Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

As an index fund, the Invesco BulletShares 2029 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2029 Index (the “2029 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2029 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2029. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.29%. On a net asset value (“NAV”) basis, the Fund returned 1.79%. During the same time period, the Index returned 1.93%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the health care providers & services industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the health care providers & services industry. The real estate management & development industry detracted most significantly from the Fund’s return, followed by the personal care products industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Cheniere Energy Partners LP, 4.50% coupon, due 10/1/2029, an oil, gas & consumable fuels company (portfolio average weight of 0.70%), and Centene Corp., 4.63% coupon, due 12/15/2029, a health care providers & services company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Hudson Pacific Properties LP, 4.65% coupon, due 4/1/2029, a diversified REIT company (portfolio average weight of 0.19%), and KeyCorp, 2.55% coupon, due 10/1/2029, a banks company (portfolio average weight of 0.30%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			17.83
Health Care			13.48
Information Technology			9.82
Communication Services			9.46
Consumer Staples			9.30
Energy			8.16
Consumer Discretionary			7.85
Industrials			7.25
Real Estate			6.48
Utilities			5.38
Materials			3.76
Money Market Funds Plus Other Assets Less Liabilities			1.23


		22

Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
AbbVie, Inc., 3.20%, 11/21/2029			2.43
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029			2.08
Verizon Communications, Inc., 4.02%, 12/03/2029			1.82
Centene Corp., 4.63%, 12/15/2029			1.49
International Business Machines Corp., 3.50%, 05/15/2029			1.49
AT&T, Inc., 4.35%, 03/01/2029			1.41
Fiserv, Inc., 3.50%, 07/01/2029			1.36
Wells Fargo & Co., 4.15%, 01/24/2029			1.17
Sumitomo Mitsui Financial Group, Inc., 3.04%, 07/16/2029			1.08
T-Mobile USA, Inc., 3.38%, 04/15/2029			1.04
Total			15.37

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2029 Index		1.93	%		(3.37	)%		(9.78	)%		0.07	%		0.28	%
Bloomberg U.S. Corporate Index		0.90			(4.17	)		(11.98	)		(0.94	)		(3.68	)
Fund
NAV Return		1.79			(3.49	)		(10.11	)		(0.07	)		(0.26	)
Market Price Return		2.29			(3.47	)		(10.06	)		(0.17	)		(0.67	)


		23

Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (continued)

Fund Inception: September 12, 2019

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		24


BSCU		Management’s Discussion of Fund Performance
BSCU		Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

As an index fund, the Invesco BulletShares 2030 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2030 Index (the “2030 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2030 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2030. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.82%. On a net asset value (“NAV”) basis, the Fund returned 1.27%. During the same time period, the Index returned 1.35%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the pharmaceuticals industry and most underweight in the aerospace & defense industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the aerospace & defense industry.

For the fiscal year ended August 31, 2023, the aerospace & defense industries contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels industry. The banks industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Boeing Co., 5.15% coupon, due 5/1/2030, an aerospace & defense company (portfolio average weight of 2.29%), and Pacific Gas and Electric, Co., 4.55% coupon, due 7/1/2030, an electric utilities company (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included SVB Financial Group, due 6/5/2030, a banks company (no longer held at fiscal year-end), and Amgen, Inc., 5.25% coupon, due 3/2/2030, a biotechnology company (portfolio average weight of 1.46%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Health Care			19.09
Financials			15.72
Energy			10.55
Consumer Staples			9.16
Industrials			9.13
Consumer Discretionary			8.88
Utilities			7.61
Information Technology			7.10
Materials			4.71
Real Estate			3.92
Communication Services			3.22
Money Market Funds Plus Other Assets Less Liabilities			0.91


		25

Invesco BulletShares 2030 Corporate Bond ETF (BSCU) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Boeing Co. (The), 5.15%, 05/01/2030			2.27
Pacific Gas and Electric Co., 4.55%, 07/01/2030			1.45
Amgen, Inc., 5.25%, 03/02/2030			1.43
Philip Morris International, Inc., 5.13%, 02/15/2030			1.13
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030			1.06
Centene Corp., 3.00%, 10/15/2030			0.95
Alphabet, Inc., 1.10%, 08/15/2030			0.94
Exxon Mobil Corp., 2.61%, 10/15/2030			0.90
Centene Corp., 3.38%, 02/15/2030			0.87
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030			0.86
Total			11.86

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2030 Index		1.35	%		(4.61	)%		(13.01	)%
Bloomberg U.S. Corporate Index		0.90			(4.35	)		(12.32	)
Fund
NAV Return		1.27			(4.64	)		(13.11	)
Market Price Return		1.82			(4.70	)		(13.26	)


		26

Invesco BulletShares 2030 Corporate Bond ETF (BSCU) (continued)

Fund Inception: September 16, 2020

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		27


BSCV		Management’s Discussion of Fund Performance
BSCV		Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

As an index fund, the Invesco BulletShares 2031 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2031 Index (the “2031 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2031 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2031. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.10%. On a net asset value (“NAV”) basis, the Fund returned 0.73%. During the same time period, the Index returned 0.83%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the diversified telecommunication services industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified REITs industry.

For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return followed by the software industry. The diversified REITs industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Oracle Corp., 2.88% coupon, due 3/25/2031, a software company (portfolio average weight of 1.53%), and Kyndryl Holdings Inc., 3.15% coupon, due 10/15/2031, an IT services company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Amazon.com, Inc., 2.10% coupon, due 5/12/2031, a broadline retail company (portfolio average weight of 1.38%), and Merck & Co., Inc., 2.15% coupon, due 12/10/2031, a pharmaceuticals company (portfolio average weight of 2.15%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			12.48
Communication Services			12.24
Health Care			11.20
Information Technology			11.16
Real Estate			9.76
Utilities			8.61
Consumer Staples			8.38
Industrials			8.36
Consumer Discretionary			7.79
Energy			7.51
Materials			1.58
Money Market Funds Plus Other Assets Less Liabilities			0.93


		28

Invesco BulletShares 2031 Corporate Bond ETF (BSCV) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Verizon Communications, Inc., 2.55%, 03/21/2031			1.85
Orange S.A., 9.00%, 03/01/2031			1.64
Oracle Corp., 2.88%, 03/25/2031			1.51
Amazon.com, Inc., 2.10%, 05/12/2031			1.36
AT&T, Inc., 2.75%, 06/01/2031			1.36
Apple, Inc., 1.65%, 02/08/2031			1.24
T-Mobile USA, Inc., 3.50%, 04/15/2031			1.18
Walt Disney Co. (The), 2.65%, 01/13/2031			1.17
Ally Financial, Inc., 8.00%, 11/01/2031			1.12
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/2031			1.01
Total			13.44

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2031 Index		0.83	%		(8.21	)%		(15.45	)%
Bloomberg U.S. Corporate Index		0.90			(7.73	)		(14.57	)
Fund
NAV Return		0.73			(8.32	)		(15.64	)
Market Price Return		1.10			(8.34	)		(15.68	)


		29

Invesco BulletShares 2031 Corporate Bond ETF (BSCV) (continued)

Fund Inception: September 15, 2021

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		30


BSCW		Management’s Discussion of Fund Performance
BSCW		Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

As an index fund, the Invesco BulletShares 2032 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2032 Index (the “2032 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2032 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2032.

The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (September 8, 2022, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 3.43%. On a net asset value (“NAV”) basis, the Fund returned 3.40%. During the same time period, the Index returned 2.20%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which were partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.

During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 1.98%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the diversified telecommunication services industry and most underweight in the banks industry during the fiscal period ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the oil, gas & consumable fuels industry.

For the fiscal period ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the financial services industry. The pharmaceuticals industry detracted most significantly from the Fund’s return, followed by the electrical equipment industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included Sprint Capital Corp., 8.75% coupon, due 3/15/2032, a wireless telecommunications services company (portfolio average weight of 1.28%), and International Business Machines Co., 4.40% coupon, due 7/27/2032, an IT services company (portfolio average weight of 0.37%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2023, included Keybank N.A., 4.90% coupon, due 8/8/2032, a banks company (portfolio average weight of 0.36%), and Citizens Financial Group, Inc., 2.64% coupon, due 9/30/2032, a banks company (portfolio average weight of 0.23%).


		31

Invesco BulletShares 2032 Corporate Bond ETF (BSCW) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			17.07
Communication Services			12.18
Utilities			10.83
Consumer Staples			10.18
Information Technology			9.36
Consumer Discretionary			8.77
Industrials			7.23
Health Care			7.21
Real Estate			7.09
Energy			5.55
Materials			3.18
Money Market Funds Plus Other Assets Less Liabilities			1.35


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Warnermedia Holdings, Inc., 4.28%, 03/15/2032			2.33
Verizon Communications, Inc., 2.36%, 03/15/2032			1.94
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032			1.74
Meta Platforms, Inc., 3.85%, 08/15/2032			1.44
Oracle Corp., 6.25%, 11/09/2032			1.24
Sprint Capital Corp., 8.75%, 03/15/2032			1.23
Amazon.com, Inc., 3.60%, 04/13/2032			1.22
Amazon.com, Inc., 4.70%, 12/01/2032			1.18
AT&T, Inc., 2.25%, 02/01/2032			1.03
Toronto-Dominion Bank (The), 4.46%, 06/08/2032			0.98
Total			14.33

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2032 Index		2.20	%
Bloomberg U.S. Corporate Index		1.98
Fund
NAV Return		3.40
Market Price Return		3.43


		32

Invesco BulletShares 2032 Corporate Bond ETF (BSCW) (continued)

Fund Inception: September 8, 2022

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		33


BSJN		Management’s Discussion of Fund Performance
BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

As an index fund, the Invesco BulletShares 2023 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index (the “High Yield 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2023. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.39%. On a net asset value (“NAV”) basis, the Fund returned 6.16%. During the same time period, the Index returned 6.62%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market

capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the containers & packaging industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the IT services industry.

For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and consumer finance industries, respectively. The IT services industry detracted most significantly from the Fund’s return during the period, followed by the machinery and wireless telecommunication services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Verscend Escrow Corp., 9.75% coupon, due 8/15/2026, a financial services company (portfolio average weight of 4.17%), and Dish DBS Corp., 5.00% coupon, due 3/15/2023, a media company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Sensata Technologies BV, 4.88% coupon, due 10/15/2023, an electrical equipment company (no longer held at fiscal year-end) and Sprint Corp., 7.88% coupon, due 9/15/2023, a wireless telecommunication services company (no longer held at fiscal year-end).


		34

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
U.S. Treasury Securities			76.15
Financials			7.24
Consumer Discretionary			4.58
Materials			3.77
Sector Types Each Less Than 3%			5.90
Money Market Funds Plus Other Assets Less Liabilities			2.36


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
U.S. Treasury Bills, 5.26%, 09/21/2023			41.93
U.S. Treasury Bills, 5.30%-5.32%, 10/19/2023			34.22
Verscend Escrow Corp., 9.75%, 08/15/2026			4.15
Ball Corp., 4.00%, 11/15/2023			3.77
Ford Motor Credit Co. LLC, 3.37%, 11/17/2023			2.40
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027			1.36
Encompass Health Corp., 5.75%, 09/15/2025			1.30
Yum! Brands, Inc., 3.88%, 11/01/2023			1.23
Southwestern Energy Co., 8.38%, 09/15/2028			1.17
Navient Corp., 7.25%, 09/25/2023			1.13
Total			92.66

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index		6.62	%		3.21	%		9.93	%		3.55	%		19.03	%		5.08	%		47.94	%
Bloomberg US Corporate High Yield Index		7.16			1.81			5.53			3.32			17.74			4.91			46.01
Fund
NAV Return		6.16			2.41			7.39			2.60			13.69			4.17			38.03
Market Price Return		6.39			2.45			7.53			2.56			13.48			4.17			38.09


		35

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) (continued)

Guggenheim BulletShares 2023 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		36


BSJO		Management’s Discussion of Fund Performance
BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

As an index fund, the Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index (the “High Yield 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2024. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 8.13%. On a net asset value (“NAV”) basis, the Fund returned 7.70%. During the same time period, the Index returned 8.18%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market

Relative to the Benchmark Index, the Fund was most overweight in the consumer finance industry and most underweight in the health care providers & services industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the industrial conglomerates industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and consumer finance industries, respectively. The construction & engineering industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Dish DBS Corp., 5.88% coupon, due 11/15/2024, a media company (portfolio average weight of 5.15%) and Intesa Sanpaolo SpA, 5.02% coupon, due 6/26/2024, a banks company (portfolio average weight of 4.88%). Positions that detracted most significantly from the Fund’s return during the period included Cheniere Energy Partners LP, 4.50% coupon, due 10/1/2029, an oil, gas & consumable fuels company (no longer held at fiscal year-end) and Cornerstone Chemical Co., 10.25% coupon, due 9/1/2027, a chemicals company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			25.10
Financials			19.07
Industrials			16.71
Communication Services			13.29
Energy			11.96
Health Care			3.04
Sector Types Each Less Than 3%			5.61
Money Market Funds Plus Other Assets Less Liabilities			5.22


		37

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
DISH DBS Corp., 5.88%, 11/15/2024			5.09
Intesa Sanpaolo S.p.A., 5.02%, 06/26/2024			4.88
WESCO Distribution, Inc., 7.13%, 06/15/2025			4.86
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024			3.51
Uber Technologies, Inc., 7.50%, 05/15/2025			3.43
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025			3.27
Rakuten Group, Inc., 10.25%, 11/30/2024			3.17
Navient Corp., 6.13%, 03/25/2024			2.78
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025			2.71
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024			2.46
Total			36.16

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index		8.18	%		2.93	%		9.05	%		3.65	%		19.61	%		4.26	%		33.72	%
Bloomberg US Corporate High Yield Index		7.16			1.81			5.53			3.32			17.74			4.18			32.95
Fund
NAV Return		7.70			2.25			6.90			3.09			16.46			3.54			27.37
Market Price Return		8.13			2.29			7.02			3.07			16.34			3.55			27.52


		38

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) (continued)

Guggenheim BulletShares 2024 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		39


BSJP		Management’s Discussion of Fund Performance
BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

As an index fund, the Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index (the “High Yield 2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2025. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 8.41%. On a net asset value (“NAV”) basis, the Fund returned 7.79%. During the same time period, the Index returned 8.86%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as negative impacts from the Fund’s sampling methodology, and costs associated with portfolio rebalancing and trading.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately

2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the media industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and the consumer finance industries, respectively. The health care providers & services industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included American Airlines Inc., 11.75% coupon, due 7/15/2025, a passenger airlines company (portfolio average weight of 3.10%), and Caesars Entertainment, Inc., 6.25% coupon, due 7/1/2025, a hotels, restaurants & leisure company (portfolio average weight of 4.18%). Positions that detracted most significantly from the Fund’s return during the period included RP Escrow Issuer LLC, 5.25% coupon, due 12/15/2025, a health care providers & services company (portfolio average weight of 0.74%), and Venator Finance Sarl/Venator Materials, 5.75% coupon, due 7/15/2025, a chemicals company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			25.66
Industrials			15.09
Energy			11.30
Financials			10.35
Information Technology			7.37
Materials			5.53
Consumer Staples			5.34
Health Care			5.18
Communication Services			4.78
Sector Types Each Less Than 3%			4.30
Money Market Funds Plus Other Assets Less Liabilities			5.10


		40

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Caesars Entertainment, Inc., 6.25%, 07/01/2025			4.13
American Airlines, Inc., 11.75%, 07/15/2025			3.06
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025			2.11
Aramark Services, Inc., 6.38%, 05/01/2025			1.81
Bausch Health Cos., Inc., 5.50%, 11/01/2025			1.81
Univision Communications, Inc., 5.13%, 02/15/2025			1.76
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025			1.73
OneMain Finance Corp., 6.88%, 03/15/2025			1.49
New Fortress Energy, Inc., 6.75%, 09/15/2025			1.45
Spirit AeroSystems, Inc., 7.50%, 04/15/2025			1.43
Total			20.78

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index		8.86	%		4.39	%		13.74	%		4.93	%		27.21	%		4.50	%		29.79	%
Bloomberg US Corporate High Yield Index		7.16			1.81			5.53			3.32			17.74			3.25			20.83
Fund
NAV Return		7.79			3.59			11.17			4.06			21.99			3.70			24.01
Market Price Return		8.41			3.69			11.50			4.09			22.17			3.73			24.25


		41

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) (continued)

Guggenheim BulletShares 2025 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		42


BSJQ		Management’s Discussion of Fund Performance
BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

As an index fund, the Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index (the “High Yield 2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2026. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 8.04%. On a net asset value (“NAV”) basis, the Fund returned 7.29%. During the same time period, the Index returned 7.83%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, the Bloomberg US Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and the gas utilities industries, respectively. The consumer staples distribution & retail industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Wolverine Escrow LLC, 9.00% coupon, due 11/15/2026, an aerospace & defense company (no longer held at fiscal year-end), and NGL Energy Operating LLC, 7.50% coupon, due 2/1/2026, an energy equipment & services company (portfolio average weight of 1.88%). Positions that detracted most significantly from the Fund’s return during the period included Cimpress NV, 7.00% coupon, due 6/15/2026, a commercial services & supplies company (no longer held at fiscal year-end), and Cumulus Media New Holdings Inc., 6.75% coupon, due 7/1/2026, an interactive media & services company (portfolio average weight of 0.24%).


		43

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			20.20
Energy			17.41
Industrials			11.19
Communication Services			10.73
Financials			10.34
Materials			9.40
Health Care			4.67
Information Technology			3.86
Utilities			3.83
Consumer Staples			3.15
Real Estate			2.12
Money Market Funds Plus Other Assets Less Liabilities			3.10


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026			2.48
DISH DBS Corp., 5.25%, 12/01/2026			2.12
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026			1.87
Tenet Healthcare Corp., 4.88%, 01/01/2026			1.86
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026			1.81
Newell Brands, Inc., 4.70%, 04/01/2026			1.74
United Airlines, Inc., 4.38%, 04/15/2026			1.73
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026			1.69
HUB International Ltd., 7.00%, 05/01/2026			1.53
OneMain Finance Corp., 7.13%, 03/15/2026			1.44
Total			18.27

*	Excluding money market fund holdings.


		44

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index		7.83	%		3.01	%		9.31	%		4.36	%		23.80	%		4.41	%		24.40	%
Bloomberg US Corporate High Yield Index		7.16			1.81			5.53			3.32			17.74			3.35			18.13
Fund
NAV Return		7.29			2.36			7.23			3.55			19.07			3.62			19.73
Market Price Return		8.04			2.47			7.59			3.59			19.30			3.66			19.96

Fund Inception: August 9, 2018

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		45


BSJR		Management’s Discussion of Fund Performance
BSJR		Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

As an index fund, the Invesco BulletShares 2027 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index (the “High Yield 2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2027 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2027. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 7.78%. On a net asset value (“NAV”) basis, the Fund returned 6.95%. During the same time period, the Index returned 7.41%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market

Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified telecommunication services industry followed by the communications equipment industry.

For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the media and oil, gas & consumable fuels industries, respectively. The diversified telecommunication services industry detracted most significantly from the Fund’s return during the period, followed by the communications equipment and IT services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Carnival Corp., 5.75% coupon, due 3/1/2027, a hotels, restaurants & leisure company (portfolio average weight of 2.80%), and Dish Network Corp., 11.75% coupon, due 11/15/2027, a media company (portfolio average weight of 3.13%). Positions that detracted most significantly from the Fund’s return during this period included CommScope Technologies LLC, 5.00% coupon, due 3/15/2027, a communications equipment company (portfolio average weight of 0.35%), and Zayo Group Holdings, Inc., 4.00% coupon, due 3/1/2027, a diversified telecommunication services company (portfolio average weight of 0.94%).


		46

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			21.56
Communication Services			18.27
Industrials			11.11
Energy			9.90
Financials			8.54
Materials			8.17
Health Care			6.77
Real Estate			4.34
Information Technology			4.08
Sector Types Each Less Than 3%			4.86
Money Market Funds Plus Other Assets Less Liabilities			2.40


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
DISH Network Corp., 11.75%, 11/15/2027			3.02
Carnival Corp., 5.75%, 03/01/2027			2.80
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027			2.60
Community Health Systems, Inc., 5.63%, 03/15/2027			1.42
Caesars Entertainment, Inc., 8.13%, 07/01/2027			1.40
Ford Motor Credit Co. LLC, 7.35%, 11/04/2027			1.39
Nexstar Media, Inc., 5.63%, 07/15/2027			1.37
Tenet Healthcare Corp., 6.25%, 02/01/2027			1.26
Altice France S.A., 8.13%, 02/01/2027			1.24
Tenet Healthcare Corp., 5.13%, 11/01/2027			1.21
Total			17.71

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index		7.41	%		1.42	%		4.31	%		2.72	%		11.24	%
Bloomberg US Corporate High Yield Index		7.16			1.81			5.53			2.41			9.93
Fund
NAV Return		6.95			0.65			1.95			1.57			6.35
Market Price Return		7.78			0.80			2.43			1.57			6.36


		47

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) (continued)

Fund Inception: September 12, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		48


BSJS		Management’s Discussion of Fund Performance
BSJS		Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

As an index fund, the Invesco BulletShares 2028 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index (the “High Yield 2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2028 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2028. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.23%. On a net asset value (“NAV”) basis, the Fund returned 5.70%. During the same time period, the Index returned 5.75%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by the positive effects of the sampling approach employed by the portfolio management team.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The

Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the diversified telecommunication services industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the communications equipment industry.

For the fiscal year ended August 31, 2023, the commercial services & supplies industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure industry. The communications equipment industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included NFP Corp., 6.88% coupon, due 8/15/2028, a capital markets company (portfolio average weight of 1.09%), and Carnival Corp., 4.00% coupon, due 8/1/2028, a hotels, restaurants & leisure company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Level 3 Financing Inc., 4.25% coupon, due 7/1/2028, a diversified telecommunication services company (portfolio average weight of 0.47%), and Cano Health LLC, 6.25% coupon, due 10/1/2028, a health care providers & services company (portfolio average weight of 0.06%).


		49

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Industrials			16.60
Communication Services			14.41
Consumer Discretionary			13.76
Materials			11.30
Energy			8.40
Health Care			8.11
Financials			6.52
Information Technology			5.65
Real Estate			4.52
Consumer Staples			4.35
Utilities			3.71
Money Market Funds Plus Other Assets Less Liabilities			2.67


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028			1.49
Tenet Healthcare Corp., 6.13%, 10/01/2028			1.44
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028			1.38
Venture Global LNG, Inc., 8.13%, 06/01/2028			1.29
Carnival Corp., 4.00%, 08/01/2028			1.28
TransDigm, Inc., 6.75%, 08/15/2028			1.25
DISH DBS Corp., 5.75%, 12/01/2028			1.16
NFP Corp., 6.88%, 08/15/2028			1.08
Sirius XM Radio, Inc., 4.00%, 07/15/2028			1.03
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028			1.01
Total			12.41

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index		5.75	%		(0.06	)%		(0.16	)%
Bloomberg US Corporate High Yield Index		7.16			1.87			5.64
Fund
NAV Return		5.70			(0.48	)		(1.41	)
Market Price Return		6.23			(0.39	)		(1.16	)


		50

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) (continued)

Fund Inception: September 16, 2020

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		51


BSJT		Management’s Discussion of Fund Performance
BSJT		Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

As an index fund, the Invesco BulletShares 2029 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2029 Index (the “High Yield 2029 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2029 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2029. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.32%. On a net asset value (“NAV”) basis, the Fund returned 5.87%. During the same time period, the Index returned 6.38%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. The Benchmark Index is an unmanaged index weighted by market

Relative to the Benchmark Index, the Fund was most overweight in the financial services industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified telecommunication services industry.

For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the entertainment industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Carnival Corp., 6.00% coupon, due 5/1/2029, a hotels, restaurants & leisure company (portfolio average weight of 1.00%), and Cloud Software Group, Inc., 6.50% coupon, due 3/31/2029, a software company (portfolio average weight of 1.99%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included AMC Entertainment Holdings, Inc., 7.50% coupon, due 2/15/2029, an entertainment company (portfolio average weight of 0.30%), and Level 3 Financing, Inc., 3.75% coupon, due 7/15/2029, a diversified telecommunication services company (portfolio average weight of 0.21%).


		52

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			17.65
Industrials			13.46
Communication Services			13.06
Information Technology			10.19
Health Care			8.51
Energy			8.38
Materials			8.15
Financials			6.95
Consumer Staples			4.70
Real Estate			4.32
Utilities			2.35
Money Market Funds Plus Other Assets Less Liabilities			2.28


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Medline Borrower L.P., 3.88%, 04/01/2029			2.11
Cloud Software Group, Inc., 6.50%, 03/31/2029			1.94
Cloud Software Group, Inc., 9.00%, 09/30/2029			1.85
Neptune Bidco US, Inc., 9.29%, 04/15/2029			1.29
Medline Borrower L.P., 5.25%, 10/01/2029			1.18
Carnival Corp., 6.00%, 05/01/2029			0.98
Imola Merger Corp., 4.75%, 05/15/2029			0.95
United Airlines, Inc., 4.63%, 04/15/2029			0.94
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029			0.91
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029			0.90
Total			13.05

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2029 Index		6.38	%		(4.60	)%		(8.81	)%
Bloomberg US Corporate High Yield Index		7.16			(2.39	)		(4.63	)
Fund
NAV Return		5.87			(4.94	)		(9.44	)
Market Price Return		6.32			(4.96	)		(9.49	)


		53

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) (continued)

Fund Inception: September 15, 2021

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		54


BSJU		Management’s Discussion of Fund Performance
BSJU		Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

As an index fund, the Invesco BulletShares 2030 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2030 Index (the “High Yield 2030 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2030 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2030. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (September 8, 2022, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 4.76%. On a net asset value (“NAV”) basis, the Fund returned 5.19%. During the same time period, the Index returned 5.62%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.68%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the commercial services & supplies industry during the fiscal period ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the specialty retail industry.

For the fiscal period ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return. The specialty retail industry detracted most significantly from the Fund’s return, followed by the health care equipment & supplies industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included Weatherford International Ltd., 8.63% coupon, due 4/30/2030, an energy equipment & services company (portfolio average weight of 1.78%), and Davita Inc., 4.63% coupon, due 6/1/2030, a health care providers & services company (portfolio average weight of 2.56%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2023, included Gray Television Inc., 4.75% coupon, due 10/15/2030, a media company (portfolio average weight of 0.62%), and Sinclair Television Group Inc., 4.13% coupon, due 12/1/2030, a media company (portfolio average weight of 0.53%).


		55

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Consumer Discretionary			17.81
Energy			16.38
Communication Services			14.35
Health Care			12.69
Information Technology			7.88
Industrials			6.91
Financials			6.10
Materials			5.97
Consumer Staples			4.19
Real Estate			3.28
Utilities			2.29
Money Market Funds Plus Other Assets Less Liabilities			2.15


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Intelsat Jackson Holdings S.A., 6.50%, 03/15/2030			3.00
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030			2.68
DaVita, Inc., 4.63%, 06/01/2030			2.54
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030			2.40
Caesars Entertainment, Inc., 7.00%, 02/15/2030			2.20
athenahealth Group, Inc., 6.50%, 02/15/2030			2.18
McAfee Corp., 7.38%, 02/15/2030			1.95
Weatherford International Ltd., 8.63%, 04/30/2030			1.74
Chart Industries, Inc., 7.50%, 01/01/2030			1.66
Ford Motor Credit Co. LLC, 7.35%, 03/06/2030			1.65
Total			22.00

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2030 Index		5.62	%
Bloomberg US Corporate High Yield Index		6.68
Fund
NAV Return		5.19
Market Price Return		4.76


		56

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) (continued)

Fund Inception: September 8, 2022

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		57


BSMN		Management’s Discussion of Fund Performance
BSMN		Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

As an index fund, the Invesco BulletShares 2023 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2023 Index (the “Municipal Bond 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2023 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2023 or, in some cases, “effective maturities” in the year 2023. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.01%. On a net asset value (“NAV”) basis, the Fund returned 2.50%. During the same time period, the Index returned 2.48%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which were partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.

During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of U.S. dollar-denominated bonds issued by U.S. states and territories.

Relative to the Benchmark Index, the Fund was most overweight in the state of North Carolina and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Montana detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Hillsborough (County of) FL Industrial Development Authority, 4.00% coupon, due 10/1/2023 (portfolio average weight of 0.42%) and Chicago (City of), IL (O’Hare International Airport), 5.75% coupon, due 1/1/2043 (portfolio average weight of 2.69%). Positions that detracted most significantly from the Fund’s return during this period were Northwest Local School District, 4.00% coupon, due 12/1/2050 (portfolio average weight of 0.32%) and California (State of) Health Facilities Financing Authority, 4.00% coupon, due 3/1/2033 (portfolio average weight of 0.34%).


		58

Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			20.23
Health, Hospital, Nursing Home Revenue			15.58
Water Revenue			14.47
Sewer Revenue			7.24
Electric Power Revenue			5.30
Income Tax Revenue			4.79
Port, Airport & Marina Revenue			4.06
Miscellaneous Revenue			4.01
College & University Revenue			3.74
Lease Revenue			3.44
Revenue Types Each Less Than 3%			10.93
Other Assets Less Liabilities			6.21


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB, 3.45%, 11/01/2034			7.10
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB, 3.28%, 12/01/2036			7.10
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB, 3.40%, 07/01/2032			7.10
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 C, Ref. VRD RB, 2.35%, 04/01/2053			4.26
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2008 A, Ref. VRD RB, 3.10%, 12/01/2037			3.55
Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. RB, 3.47%, 07/01/2040			3.55
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB, 2.80%, 07/01/2034			3.55
Wyoming (State of) Community Development Authority, Series 2023-2, Ref. VRD RB, 4.01%, 12/01/2050			3.55
Colorado Springs (City of), CO, Series 2007 A, VRD RB, 4.03%, 11/01/2037			2.86
Houston (City of), TX, Series 2012 B, Ref. RB, 4.08%, 05/15/2034			2.84
Total			45.46


		59

Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2023 Index		2.48	%		0.91	%		2.75	%		1.56	%		6.26	%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		2.50			0.62			1.88			1.24			4.95
Market Price Return		2.01			0.46			1.39			1.15			4.58

Fund Inception: September 25, 2019

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		60


BSMO		Management’s Discussion of Fund Performance
BSMO		Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

As an index fund, the Invesco BulletShares 2024 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2024 Index (the “Municipal Bond 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2024 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2024 or, in some cases, “effective maturities” in the year 2024. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.58%. On a net asset value (“NAV”) basis, the Fund returned 1.76%. During the same time period, the Index returned 1.94%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of California and most underweight in the state of Virginia during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of South Dakota detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Metropolitan Transportation Authority, 5.25% coupon, due 11/15/2044 (portfolio average weight of 0.70%) and New Jersey (State of) Transportation Trust Fund Authority, 5.00% coupon, due 6/15/2038 (portfolio average weight of 0.42%). Positions that detracted most significantly from the Fund’s return during this period were Pennsylvania Economic Development Financing Authority, 4.00% coupon, due 2/1/2040 (portfolio average weight of 0.48%) and Camino Real Regional Mobility Authority, 4.00% coupon, due 6/1/2044 (portfolio average weight of 0.09%).


		61

Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			22.91
Miscellaneous Revenue			9.44
Water Revenue			9.18
Sales Tax Revenue			8.08
Health, Hospital, Nursing Home Revenue			7.91
General Fund			6.38
Income Tax Revenue			5.59
Highway Tolls Revenue			4.79
Electric Power Revenue			3.95
Port, Airport & Marina Revenue			3.69
College & University Revenue			3.66
Lease Revenue			3.40
Appropriations			3.00
Revenue Types Each Less Than 3%			6.38
Other Assets Less Liabilities			1.64


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB, 5.00%, 12/01/2024			1.05
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2024			0.91
Maryland (State of), Series 2017 B, Ref. GO Bonds, 5.00%, 08/01/2024			0.85
California (State of), Series 2014, GO Bonds, 5.00%, 10/01/2039			0.83
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB, 5.00%, 02/01/2030			0.78
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB, 5.00%, 10/01/2027			0.78
New York (State of) Thruway Authority, Series 2014 J, RB, 5.00%, 01/01/2041			0.74
Washington (State of), Series 2017 D, Ref. GO Bonds, 5.00%, 08/01/2024			0.73
New York (City of), NY, Series 2014 J, Ref. GO Bonds, 5.00%, 08/01/2030			0.73
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB, 5.00%, 11/01/2029			0.71
Total			8.11


		62

Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2024 Index		1.94	%		0.26	%		0.78	%		1.17	%		4.68	%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.76			0.01			0.03			0.84			3.34
Market Price Return		1.58			(0.08	)		(0.24	)		0.87			3.46

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		63


BSMP		Management’s Discussion of Fund Performance
BSMP		Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

As an index fund, the Invesco BulletShares 2025 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2025 Index (the “Municipal Bond 2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2025 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2025 or, in some cases, “effective maturities” in the year 2025. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.45%. On a net asset value (“NAV”) basis, the Fund returned 1.34%. During the same time period, the Index returned 1.48%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of Washington and most underweight in the state of Colorado during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Kentucky.

For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Kentucky detracted most significantly from the Fund’s return, followed by the state of Iowa.

Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Omaha (City of), NE Public Power District, 5.00% coupon, due 2/1/2043, (portfolio average weight of 0.61%) and Maryland (State of) Health & Higher Educational Facilities Authority, 5.00% coupon, due 7/1/2045 (portfolio average weight of 0.26%). Positions that detracted the most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Kentucky Municipal Power Agency, 4.00% coupon, due 9/1/2039, (portfolio average weight of 0.13%) and Louisville (City of) & Jefferson (County of), 3.00% coupon, due 5/15/2047 (portfolio average weight of 0.05%).


		64

Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			23.62
Sales Tax Revenue			8.34
Water Revenue			7.22
Highway Tolls Revenue			6.96
Miscellaneous Revenue			6.75
Electric Power Revenue			6.33
College & University Revenue			5.75
Income Tax Revenue			5.51
Lease Revenue			5.48
Appropriations			5.13
Health, Hospital, Nursing Home Revenue			4.33
Port, Airport & Marina Revenue			4.13
General Fund			3.59
Revenue Types Each Less Than 3%			5.56
Other Assets Less Liabilities			1.30


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
New York (State of) Dormitory Authority, Series 2015 B, RB, 5.00%, 02/15/2044			0.95
Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2025			0.91
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds, 5.00%, 03/15/2031			0.83
New Jersey (State of) Turnpike Authority, Series 2015 E, RB, 5.00%, 01/01/2045			0.78
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB, 5.00%, 12/01/2045			0.76
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB, 5.00%, 07/15/2040			0.73
California (State of), Series 2015, Ref. GO Bonds, 5.00%, 08/01/2035			0.71
Louisiana (State of), Series 2015 A, Ref. RB, 4.50%, 05/01/2025			0.71
California (State of), Series 2022, GO Bonds, 5.00%, 09/01/2025			0.68
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB, 5.00%, 01/15/2025			0.68
Total			7.74


		65

Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2025 Index		1.48	%		(0.35	)%		(1.05	)%		0.78	%		3.11	%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.34			(0.76	)		(2.27	)		0.46			1.83
Market Price Return		1.45			(0.76	)		(2.26	)		0.52			2.08

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		66


BSMQ		Management’s Discussion of Fund Performance
BSMQ		Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

As an index fund, the Invesco BulletShares 2026 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2026 Index (the “Municipal Bond 2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2026 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2026 or, in some cases, “effective maturities” in the year 2026. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.33%. On a net asset value (“NAV”) basis, the Fund returned 1.16%. During the same time period, the Index returned 1.34%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of Michigan and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Nebraska.

For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Nebraska detracted most significantly from the Fund’s return, followed by the states of Minnesota and Indiana, respectively.

Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included California (State of), Series 2016, 4.00% coupon, due 9/1/2034, (portfolio average weight of 0.66%) and Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2037 (portfolio average weight of 0.68%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included New Hope Cultural Education Facilities Finance Corp., 5.00% coupon, due 7/1/2051 (portfolio average weight of 0.12%) and Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), 3.00% coupon due 5/15/2046 (portfolio average weight of 0.20%).


		67

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			20.95
Health, Hospital, Nursing Home Revenue			9.21
Water Revenue			8.66
General Fund			7.56
Miscellaneous Revenue			7.05
College & University Revenue			6.52
Sales Tax Revenue			6.24
Highway Tolls Revenue			6.05
Income Tax Revenue			5.35
Electric Power Revenue			4.27
Lease Revenue			3.89
Appropriations			3.52
Revenue Types Each Less Than 3%			9.33
Other Assets Less Liabilities			1.40


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB, 5.00%, 07/01/2026			0.71
Metropolitan Transportation Authority, Series 2016 B, Ref. RB, 5.00%, 11/15/2037			0.67
California (State of), Series 2016, Ref. GO Bonds, 4.00%, 09/01/2034			0.66
California (State of), Series 2016, Ref. GO Bonds, 5.00%, 09/01/2029			0.65
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB, 5.00%, 08/01/2030			0.60
District of Columbia, Series 2016 D, GO Bonds, 5.00%, 06/01/2036			0.58
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations, 5.00%, 03/01/2030			0.58
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB, 5.00%, 01/01/2042			0.55
New York State Urban Development Corp., Series 2016 A, Ref. RB, 5.00%, 03/15/2026			0.53
Grand River Dam Authority, Series 2016 A, Ref. RB, 4.00%, 06/01/2033			0.53
Total			6.06


		68

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2026 Index		1.34	%		(0.91	)%		(2.72	)%		0.37	%		1.47	%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.16			(1.37	)		(4.06	)		(0.16	)		(0.62	)
Market Price Return		1.33			(1.36	)		(4.01	)		0.00			0.02

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		69


BSMR		Management’s Discussion of Fund Performance
BSMR		Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

As an index fund, the Invesco BulletShares 2027 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2027 Index (the “Municipal Bond 2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2027 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2027 or, in some cases, “effective maturities” in the year 2027. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.50%. On a net asset value (“NAV”) basis, the Fund returned 1.37%. During the same time period, the Index returned 1.44%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of Illinois and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Ohio.

For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return, followed by the states of New York and Pennsylvania, respectively. The state of Ohio detracted most significantly from the Fund’s return, followed by the states of Georgia and Missouri, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included District Columbia, 5.00% coupon, due 6/1/2032, (portfolio average weight of 0.59%) and Bay Area Toll Authority, 4.00% coupon, due 4/1/2035, (portfolio average weight of 0.31%). Positions that detracted most significantly from the Fund’s return during this period were Cuyahoga (County of), OH, (MetroHealth System), 5.00% coupon, due 2/15/2052, (portfolio average weight of 0.53%) and East Central Regional Wastewater Treatment Facilities Operation Board, 5.00% coupon, due 10/1/2044 (portfolio average weight of 0.33%).


		70

Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			17.02
Health, Hospital, Nursing Home Revenue			11.56
Miscellaneous Revenue			9.55
Water Revenue			8.84
College & University Revenue			7.24
Income Tax Revenue			7.20
Highway Tolls Revenue			6.14
General Fund			6.11
Sales Tax Revenue			5.93
Electric Power Revenue			4.75
Lease Revenue			3.23
Port, Airport & Marina Revenue			3.06
Revenue Types Each Less Than 3%			8.07
Other Assets Less Liabilities			1.30


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds, 5.00%, 08/01/2027			0.73
California (State of), Series 2017, Ref. GO Bonds, 5.00%, 08/01/2030			0.71
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB, 5.00%, 02/01/2039			0.71
Chicago (City of), IL, Series 2017-2, Ref. RB, 5.00%, 11/01/2033			0.69
Washington Metropolitan Area Transit Authority, Series 2017 B, RB, 5.00%, 07/01/2035			0.69
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB, 5.00%, 07/01/2042			0.68
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB, 5.00%, 08/15/2047			0.66
Georgia (State of), Series 2016 F, Ref. GO Bonds, 5.00%, 01/01/2027			0.63
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB, 4.00%, 02/15/2033			0.60
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB, 5.00%, 04/01/2027			0.59
Total			6.69


		71

Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2027 Index		1.44	%		(1.08	)%		(3.19	)%		0.21	%		0.81	%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.37			(1.24	)		(3.67	)		(0.19	)		(0.76	)
Market Price Return		1.50			(1.27	)		(3.78	)		(0.11	)		(0.44	)

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		72


BSMS		Management’s Discussion of Fund Performance
BSMS		Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

As an index fund, the Invesco BulletShares 2028 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2028 Index (the “Municipal Bond 2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2028 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2028 or, in some cases, “effective maturities” in the year 2028. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2028. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.70%. On a net asset value (“NAV”) basis, the Fund returned 1.40%. During the same time period, the Index returned 1.61%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Georgia.

For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Georgia detracted most significantly from the Fund’s return, followed by the states of Tennessee and Mississippi, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Illinois St, 5.00% coupon, due 10/1/2028, (portfolio average weight of 0.85%) and Maryland St, 5.00% coupon, due 8/1/2028, (portfolio average weight of 0.54%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Bucks (County of), PA Industrial Development Authority, 3.00% coupon, due 8/15/2050 (portfolio average weight of 0.17%) and Georgia (State of), 3.25% coupon, due 7/1/2037 (portfolio average weight of 0.28%).


		73

Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			19.74
Sales Tax Revenue			11.83
Water Revenue			8.11
General Fund			7.50
Miscellaneous Revenue			7.00
Highway Tolls Revenue			6.82
Health, Hospital, Nursing Home Revenue			6.51
Income Tax Revenue			6.49
College & University Revenue			6.15
Appropriations			5.87
Lease Revenue			3.04
Revenue Types Each Less Than 3%			9.69
Other Assets Less Liabilities			1.25


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
Massachusetts (Commonwealth of), Series 2021, RB, 5.00%, 06/01/2041			1.13
Metropolitan Transportation Authority, Series 2012 A, Ref. RB, 3.00%, 11/15/2028			1.09
Illinois (State of), Series 2020 B, GO Bonds, 5.00%, 10/01/2028			0.83
New York (City of), NY, Subseries 2018 D-1, GO Bonds, 5.00%, 12/01/2033			0.78
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, 5.00%, 12/15/2033			0.77
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB, 5.00%, 08/01/2042			0.76
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB, 5.00%, 11/01/2043			0.75
Texas (State of) Water Development Board, Series 2018 A, RB, 5.00%, 10/15/2043			0.68
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB, 5.00%, 03/15/2039			0.65
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB, 5.00%, 07/01/2043			0.64
Total			8.08


		74

Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2028 Index		1.61	%		(1.32	)%		(3.91	)%		(0.01	)%		(0.03	)%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.40			(1.83	)		(5.38	)		(0.29	)		(1.15	)
Market Price Return		1.70			(1.81	)		(5.32	)		(0.23	)		(0.89	)

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		75


BSMT		Management’s Discussion of Fund Performance
BSMT		Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

As an index fund, the Invesco BulletShares 2029 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2029 Index (the “Municipal Bond 2029 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2029 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2029 or, in some cases, “effective maturities” in the year 2029. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2029. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.48%. On a net asset value (“NAV”) basis, the Fund returned 1.44%. During the same time period, the Index returned 1.72%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

Relative to the Benchmark Index, the Fund was most overweight in the state of Massachusetts and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Rhode Island.

For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Rhode Island detracted most significantly from the Fund’s return, followed by the states of Delaware and Idaho, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included California (State of) (Bidding Group B), 5.00% coupon, due 11/1/2029, (portfolio average weight of 0.83%) and California (State of), Series 2019, 5.00% coupon, due 10/1/2031, (portfolio average weight of 1.97%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Florida (State of) Higher Educational Facilities Financial Authority, 5.00% coupon, due 3/1/2039, (portfolio average weight of 0.19%) and Illinois (State of) Finance Authority (University of Illinois at Urbana), 5.00% coupon, due 10/1/2049, (portfolio average weight of 0.23%).


		76

Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			15.52
General Fund			10.85
Water Revenue			8.81
College & University Revenue			7.98
Income Tax Revenue			7.41
Sales Tax Revenue			7.25
Lease Revenue			6.10
Health, Hospital, Nursing Home Revenue			6.09
Miscellaneous Revenue			5.74
Highway Tolls Revenue			5.48
Port, Airport & Marina Revenue			5.21
Electric Power Revenue			3.97
Appropriations			3.63
Revenue Types Each Less Than 3%			4.54
Other Assets Less Liabilities			1.42


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2031			1.94
District of Columbia, Series 2019 A, GO Bonds, 5.00%, 10/15/2030			0.94
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB, 5.00%, 11/01/2029			0.93
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB, 5.00%, 06/01/2049			0.88
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB, 5.00%, 06/15/2029			0.87
Michigan State University Board of Trustees, Series 2019 B, RB, 5.00%, 02/15/2048			0.84
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds, 5.00%, 11/01/2029			0.82
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2035			0.82
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB, 5.00%, 11/01/2029			0.82
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds, 5.25%, 01/01/2044			0.78
Total			9.64


		77

Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2029 Index		1.72	%		(2.18	)%		(6.41	)%		(0.56	)%		(2.18	)%
Bloomberg Municipal Bond Index		1.70			(1.32	)		(3.92	)		0.00			(0.01	)
Fund
NAV Return		1.44			(2.33	)		(6.84	)		(0.65	)		(2.55	)
Market Price Return		1.48			(2.33	)		(6.83	)		(0.63	)		(2.47	)

Fund Inception: September 25, 2019

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		78


BSMU		Management’s Discussion of Fund Performance
BSMU		Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

As an index fund, the Invesco BulletShares 2030 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2030 Index (the “Municipal Bond 2030 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2030 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2030 or, in some cases, “effective maturities” in the year 2030. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2030. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.91%. On a net asset value (“NAV”) basis, the Fund returned 1.77%. During the same time period, the Index returned 2.14%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as negative impacts from the Fund’s sampling methodology, and costs associated with portfolio rebalancing and trading.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of California.

For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Minnesota detracted most significantly from the Fund’s return, followed by the states of New Mexico and Utah, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included New York State Urban Development Corp., 5.00% coupon, due 3/15/2036, (portfolio average weight of 1.15%) and Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), 5.00% coupon, due 11/15/2049, (portfolio average weight of 0.99%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2034, (portfolio average weight of 1.60%) and New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 11/1/2032, (portfolio average weight of 0.53%).


		79

Invesco BulletShares 2030 Municipal Bond ETF (BSMU) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			19.80
Income Tax Revenue			10.51
Water Revenue			10.13
Sales Tax Revenue			9.66
Miscellaneous Revenue			7.79
General Fund			6.67
College & University Revenue			5.47
Lease Revenue			5.12
Highway Tolls Revenue			4.30
Electric Power Revenue			3.99
Revenue Types Each Less Than 3%			15.19
Other Assets Less Liabilities			1.37


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034			1.67
Sales Tax Securitization Corp., Series 2021 A, Ref. RB, 5.00%, 01/01/2030			1.16
North Carolina (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2030			1.10
New York State Urban Development Corp., Series 2020 A, RB, 5.00%, 03/15/2036			1.06
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.25%, 11/15/2055			1.06
New Jersey (State of), Series 2021, GO Bonds, 2.00%, 06/01/2030			1.02
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB, 5.00%, 11/15/2049			1.01
Illinois (State of), Series 2020, GO Bonds, 5.50%, 05/01/2030			0.96
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB, 5.00%, 06/15/2050			0.81
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB, 4.00%, 11/01/2034			0.79
Total			10.64


		80

Invesco BulletShares 2030 Municipal Bond ETF (BSMU) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2030 Index		2.14	%		(2.77	)%		(7.97	)%
Bloomberg Municipal Bond Index		1.70			(1.35	)		(3.94	)
Fund
NAV Return		1.77			(3.01	)		(8.64	)
Market Price Return		1.91			(2.99	)		(8.59	)

Fund Inception: September 16, 2020

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		81


BSMV		Management’s Discussion of Fund Performance
BSMV		Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

As an index fund, the Invesco BulletShares 2031 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2031 Index (the “Municipal Bond 2031 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2031 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2031 or, in some cases, “effective maturities” in the year 2031. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2031. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.67%. On a net asset value (“NAV”) basis, the Fund returned 2.38%. During the same time period, the Index returned 2.42%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of New York.

For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return during the period. The state of Florida detracted most significantly from the Fund’s return, followed by the states of Louisiana and Missouri, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Nassau (County of), NY Interim Fin Au, 4.00% coupon, due 11/15/2034, (portfolio average weight of 1.12%) and North Texas Tollway Authority, 4.00% coupon, due 1/1/2034, (portfolio average weight of 1.14%). Positions that detracted the most from the Fund’s return during this period included Massachusetts (Commonwealth of), 5.00% coupon, due 9/1/2048, (portfolio average weight of 1.10%) and New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2031 (portfolio average weight of 1.73%).


		82

Invesco BulletShares 2031 Municipal Bond ETF (BSMV) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			17.42
Sales Tax Revenue			11.18
Miscellaneous Revenue			10.43
Highway Tolls Revenue			8.32
Water Revenue			7.32
Income Tax Revenue			7.14
Electric Power Revenue			6.51
General Fund			6.41
Lease Revenue			5.56
Port, Airport & Marina Revenue			4.07
College & University Revenue			3.20
Revenue Types Each Less Than 3%			11.23
Other Assets Less Liabilities			1.21


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB, 5.00%, 03/15/2031			1.70
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051			1.63
University of California (Limited), Series 2021 Q, Ref. RB, 5.00%, 05/15/2046			1.37
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB, 5.00%, 06/01/2042			1.31
North Texas Tollway Authority, Series 2021 B, RB, 4.00%, 01/01/2034			1.13
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB, 4.00%, 11/15/2034			1.12
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds, 5.00%, 09/01/2048			1.10
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB, 5.00%, 06/15/2031			1.07
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB, 5.00%, 02/01/2035			1.02
Intermountain Power Agency, Series 2022 A, Ref. RB, 5.00%, 07/01/2045			0.99
Total			12.44


		83

Invesco BulletShares 2031 Municipal Bond ETF (BSMV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2031 Index		2.42	%		(7.28	)%		(13.75	)%
Bloomberg Municipal Bond Index		1.70			(3.69	)		(7.11	)
Fund
NAV Return		2.38			(7.14	)		(13.50	)
Market Price Return		2.67			(7.20	)		(13.61	)

Fund Inception: September 15, 2021

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		84


BSMW		Management’s Discussion of Fund Performance
BSMW		Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

As an index fund, the Invesco BulletShares 2032 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2032 Index (the “Municipal Bond 2032 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2032 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2032 or, in some cases, “effective maturities” in the year 2032. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre- refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2032. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (March 1, 2023, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 0.90%. On a net asset value (“NAV”) basis, the Fund returned 0.78%. During the same time period, the Index returned 1.01%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.05%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of U.S. dollar-denominated bonds issued by U.S. states and territories.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of New Jersey during the fiscal period ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Tennessee.

For the fiscal period ended August 31, 2023, the state of Illinois contributed most significantly to the Fund’s return. The state of Tennessee detracted most significantly from the Fund’s return, followed by the states of Ohio and Kentucky, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included New York (City of), NY Transitional, 5.25% coupon, due 11/1/2037, (portfolio average weight of 2.02%) and California (State of), 5.00% coupon, due 4/1/2042, (portfolio average weight of 1.40%). Positions that detracted the most from the Fund’s return during this period included New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2032, (portfolio average weight of 1.71%) and Tennessee (State of) School Bond Authority, 5.00% coupon, due 11/1/2047 (portfolio average weight of 1.38%).


		85

Invesco BulletShares 2032 Municipal Bond ETF (BSMW) (continued)


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Ad Valorem Property Tax			20.27
Water Revenue			15.61
Income Tax Revenue			9.34
Miscellaneous Revenue			8.31
Highway Tolls Revenue			7.61
Lease Revenue			5.59
General Fund			4.59
Appropriations			4.56
Health, Hospital, Nursing Home Revenue			4.55
Port, Airport & Marina Revenue			3.93
Revenue Types Each Less Than 3%			13.94
Other Assets Less Liabilities			1.70


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB, 5.25%, 11/01/2037			1.99
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB, 5.00%, 03/15/2032			1.67
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds, 5.25%, 10/01/2052			1.64
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB, 5.00%, 11/01/2032			1.49
California (State of), Series 2022, Ref. GO Bonds, 5.00%, 04/01/2042			1.38
Triborough Bridge & Tunnel Authority, Series 2022 C, RB, 5.25%, 05/15/2052			1.36
Tennessee (State of) School Bond Authority, Series 2022 A, RB, 5.00%, 11/01/2047			1.36
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB, 5.00%, 07/01/2052			1.35
California (State of), Series 2022, Ref. GO Bonds, 4.00%, 09/01/2042			1.26
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB, 5.00%, 03/15/2048			1.25
Total			14.75


		86

Invesco BulletShares 2032 Municipal Bond ETF (BSMW) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	Fund Inception
Index	Cumulative
Invesco BulletShares^® Municipal Bond 2032 Index		1.01	%
Bloomberg Municipal Bond Index		1.05
Fund
NAV Return		0.78
Market Price Return		0.90

Fund Inception: March 1, 2023

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		87

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 24, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

●

Each Fund’s investment strategy remained appropriate for an open-end fund;

●

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Funds did not breach the 15% limit on Illiquid Investments; and

●

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		88

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-62.50%
Automobile Components-0.62%
American Honda Finance Corp., 0.65%, 09/08/2023	$	14,000,000	$	13,993,968

Automobiles-0.41%
Toyota Motor Credit Corp., 2.25%, 10/18/2023		9,261,000		9,222,899

Banks-7.25%
Bank of Montreal (Canada), 0.45%, 12/08/2023		16,975,000		16,742,893
Bank of Nova Scotia (The) (Canada), 0.40%, 09/15/2023		20,604,000		20,573,527
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023		18,529,000		18,519,201
Citigroup, Inc., 3.88%, 10/25/2023		18,384,000		18,330,098
Cooperatieve Rabobank U.A. (Netherlands), 4.63%, 12/01/2023		10,090,000		10,047,533
Huntington National Bank (The), 3.55%, 10/06/2023		14,236,000		14,206,041
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.53%, 09/13/2023		9,322,000		9,315,467
NatWest Group PLC (United Kingdom)
3.88%, 09/12/2023		19,788,000		19,781,040
6.00%, 12/19/2023		12,887,000		12,867,662
Royal Bank of Canada (Canada), 0.50%, 10/26/2023		23,478,000		23,306,222

				163,689,684

Beverages-1.46%
Diageo Capital PLC (United Kingdom), 3.50%, 09/18/2023		9,300,000		9,291,194
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023		9,300,000		9,228,971
PepsiCo, Inc., 0.40%, 10/07/2023		14,596,000		14,521,917

				33,042,082

Biotechnology-2.75%
Gilead Sciences, Inc.
2.50%, 09/01/2023		14,219,000		14,219,000
0.75%, 09/29/2023		28,388,000		28,290,202
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023		19,670,000		19,634,044

				62,143,246

Capital Markets-3.70%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		14,752,000		14,713,816
Bank of New York Mellon Corp. (The), 0.35%, 12/07/2023		13,897,000		13,706,061
Goldman Sachs Group, Inc. (The), 1.22%, 12/06/2023		36,003,000		35,577,212
State Street Corp., 3.70%, 11/20/2023		19,672,000		19,593,278

				83,590,367

Chemicals-1.12%
Ecolab, Inc., 0.90%, 12/15/2023		7,791,000		7,687,411
Mosaic Co. (The), 4.25%, 11/15/2023		17,703,000		17,645,664

				25,333,075


	Principal Amount		Value
Communications Equipment-0.62%
Cisco Systems, Inc., 2.20%, 09/20/2023 .	$	13,892,000	$	13,871,069

Consumer Finance-1.69%
Ally Financial, Inc., 1.45%, 10/02/2023		23,609,000		23,490,819
American Express Co., 0.75%, 11/03/2023		14,825,000		14,710,331

				38,201,150

Consumer Staples Distribution & Retail-0.69%
Walgreens Boots Alliance, Inc., 0.95%, 11/17/2023		15,744,000		15,585,198

Electric Utilities-2.27%
Entergy Louisiana LLC, 0.62%, 11/17/2023		13,001,000		12,869,551
Pacific Gas and Electric Co., 1.70%, 11/15/2023		17,701,000		17,539,219
Southern California Edison Co., Series C, 3.50%, 10/01/2023		11,116,000		11,089,833
Xcel Energy, Inc., 0.50%, 10/15/2023		9,840,000		9,780,895

				51,279,498

Energy Equipment & Services-1.85%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 1.23%, 12/15/2023		12,100,000		11,945,282
Schlumberger Investment S.A., 3.65%, 12/01/2023		29,843,000		29,679,416

				41,624,698

Financial Services-2.00%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland), 1.15%, 10/29/2023		34,424,000		34,162,759
Jackson Financial, Inc., 1.13%, 11/22/2023		11,065,000		10,952,177

				45,114,936

Food Products-0.74%
General Mills, Inc., 5.24%, 11/18/2025		6,653,000		6,628,138
Kellogg Co., 2.65%, 12/01/2023		10,200,000		10,127,068

				16,755,206

Ground Transportation-0.67%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		15,093,000		15,093,000

Health Care Equipment & Supplies-2.04%
Abbott Laboratories, 3.40%, 11/30/2023		19,612,000		19,507,807
Baxter International, Inc., 0.87%, 12/01/2023		15,529,000		15,343,882
Stryker Corp., 0.60%, 12/01/2023		11,200,000		11,062,595

				45,914,284

Health Care Providers & Services-0.35%
CVS Health Corp., 4.00%, 12/05/2023		7,924,000		7,872,772

Hotels, Restaurants & Leisure-1.21%
Hyatt Hotels Corp., 1.30%, 10/01/2023		12,637,000		12,584,983
Starbucks Corp., 3.85%, 10/01/2023		14,757,000		14,736,090

				27,321,073

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		89

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)

August 31, 2023


	Principal Amount		Value
Insurance-0.42%
Lincoln National Corp., 4.00%, 09/01/2023	$	9,383,000	$	9,383,000

Life Sciences Tools & Services-1.39%
Revvity, Inc., 0.55%, 09/15/2023		6,428,000		6,418,420
Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023		25,000,000		24,849,917

				31,268,337

Machinery-2.11%
Caterpillar Financial Services Corp.
0.45%, 09/14/2023		18,946,000		18,921,255
3.75%, 11/24/2023		9,260,000		9,227,502
Cummins, Inc., 3.65%, 10/01/2023		9,840,000		9,824,354
John Deere Capital Corp., 0.40%, 10/10/2023		9,783,000		9,735,260

				47,708,371

Multi-Utilities-2.66%
Black Hills Corp., 4.25%, 11/30/2023		9,730,000		9,686,480
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023		13,863,000		13,693,569
Delmarva Power & Light Co., 3.50%, 11/15/2023		9,379,000		9,335,062
Public Service Enterprise Group, Inc., 0.84%, 11/08/2023		14,473,000		14,337,493
WEC Energy Group, Inc., 0.55%, 09/15/2023		13,050,000		13,030,432

				60,083,036

Office REITs-0.42%
Boston Properties L.P., 3.13%, 09/01/2023		9,388,000		9,388,000

Oil, Gas & Consumable Fuels-5.42%
Enbridge, Inc. (Canada)
4.00%, 10/01/2023		14,900,000		14,875,318
0.55%, 10/04/2023		9,590,000		9,548,729
Energy Transfer L.P., Series 5Y, 4.20%, 09/15/2023		9,300,000		9,295,517
Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023		11,707,000		11,677,188
Kinder Morgan Energy Partners L.P., 3.50%, 09/01/2023		11,266,000		11,266,000
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023		14,194,000		14,154,816
Shell International Finance B.V. (Netherlands), 0.38%, 09/15/2023		18,600,000		18,571,535
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 07/15/2027		9,495,000		9,552,445
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023		12,100,000		12,071,385
Williams Cos., Inc. (The), 4.50%, 11/15/2023		11,200,000		11,165,545

				122,178,478

Personal Care Products-0.41%
Unilever Capital Corp. (United Kingdom), 0.38%, 09/14/2023		9,300,000		9,289,830


	Principal Amount		Value
Pharmaceuticals-5.89%
Bristol-Myers Squibb Co.
3.25%, 11/01/2023	$	9,300,000	$	9,264,665
0.54%, 11/13/2023		29,209,000		28,928,833
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023		23,200,000		23,108,890
Johnson & Johnson, 3.38%, 12/05/2023		14,925,000		14,857,118
Mylan, Inc., 4.20%, 11/29/2023		9,840,000		9,801,511
Pfizer, Inc., 3.20%, 09/15/2023		18,645,000		18,631,337
Royalty Pharma PLC, 0.75%, 09/02/2023		18,600,000		18,600,000
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023		9,808,000		9,772,601

				132,964,955

Professional Services-0.50%
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023		11,367,000		11,314,391

Semiconductors & Semiconductor Equipment-0.83%
Microchip Technology, Inc., 2.67%, 09/01/2023		18,772,000		18,772,000

Software-3.86%
Microsoft Corp., 3.63%, 12/15/2023		27,788,000		27,785,393
Oracle Corp., 2.40%, 09/15/2023		46,309,000		46,244,660
Roper Technologies, Inc., 3.65%, 09/15/2023		13,051,000		13,042,876

				87,072,929

Specialty Retail-0.41%
Lowe’s Cos., Inc., 3.88%, 09/15/2023		9,261,000		9,255,857

Technology Hardware, Storage & Peripherals-1.05%
Hewlett Packard Enterprise Co., 4.45%, 10/02/2023		23,746,000		23,722,724

Tobacco-0.87%
Philip Morris International, Inc., 3.60%, 11/15/2023		9,300,000		9,263,254
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023		10,256,000		10,252,629

				19,515,883

Trading Companies & Distributors-0.63%
Air Lease Corp., 3.00%, 09/15/2023		14,120,000		14,108,464

Wireless Telecommunication Services-4.19%
Rogers Communications, Inc. (Canada), 4.10%, 10/01/2023		15,748,000		15,723,807
Sprint LLC, 7.88%, 09/15/2023		78,728,000		78,838,613

				94,562,420

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,413,033,062)				1,410,236,880


U.S. Treasury Securities-35.96%
U.S. Treasury Bills-35.96%^(b)
5.30%–5.32%, 10/19/2023		500,000,000		496,472,500
5.21%–5.27%, 09/21/2023		316,000,000		315,075,700

Total U.S. Treasury Securities (Cost $811,566,920)				811,548,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		90

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)

August 31, 2023


	Shares		Value
Money Market Funds-0.91%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $20,478,188)		20,478,188		$	20,478,188

TOTAL INVESTMENTS IN SECURITIES-99.37% (Cost $2,245,078,170)					2,242,263,268
OTHER ASSETS LESS LIABILITIES-0.63%					14,230,793

NET ASSETS-100.00%				$	2,256,494,061

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(c)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$23,958,894		$	1,959,198,295		$	(1,962,679,001	)		$	-			$	-		$	20,478,188		$	7,268,741

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		20,560,182			64,227,239			(84,787,421	)			-				-			-			344,640	*

Invesco Private Prime Fund		52,869,041			143,314,933			(196,191,726	)			(3,597	)			11,349			-			926,350	*


Total		$97,388,117		$	2,166,740,467		$	(2,243,658,148	)		$	(3,597	)		$	11,349		$	20,478,188		$	8,539,731

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		91

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.66%
Aerospace & Defense-1.63%
Boeing Co. (The)
1.95%, 02/01/2024^(b)	$	12,000,000	$	11,800,846
1.43%, 02/04/2024		35,904,000		35,216,752
General Dynamics Corp., 2.38%, 11/15/2024^(b)		5,980,000		5,764,427
Howmet Aerospace, Inc., 5.13%, 10/01/2024^(b)		10,856,000		10,757,815

				63,539,840

Air Freight & Logistics-0.15%
United Parcel Service, Inc., 2.80%, 11/15/2024^(b)		6,200,000		6,017,223

Automobile Components-1.34%
American Honda Finance Corp.
2.90%, 02/16/2024		5,975,000		5,896,291
2.40%, 06/27/2024		7,180,000		6,991,250
0.55%, 07/12/2024^(b)		10,752,000		10,303,966
0.75%, 08/09/2024		11,947,000		11,417,659
2.15%, 09/10/2024^(b)		8,966,000		8,659,737
Magna International, Inc. (Canada), 3.63%, 06/15/2024		8,962,000		8,812,272

				52,081,175

Automobiles-2.56%
PACCAR Financial Corp., 3.15%, 06/13/2024		5,980,000		5,867,540
Toyota Motor Corp. (Japan)
0.68%, 03/25/2024^(b)		14,940,000		14,535,563
2.36%, 07/02/2024		5,980,000		5,823,858
Toyota Motor Credit Corp.
0.45%, 01/11/2024		11,949,000		11,739,997
2.50%, 03/22/2024^(b)		14,340,000		14,094,402
2.90%, 04/17/2024		5,980,000		5,877,705
0.50%, 06/18/2024		10,155,000		9,757,516
0.63%, 09/13/2024		11,951,000		11,378,079
4.40%, 09/20/2024		14,940,000		14,781,921
2.00%, 10/07/2024		5,980,000		5,761,093

				99,617,674

Banks-19.47%
Banco Santander S.A. (Spain), 3.89%, 05/24/2024^(b)		17,872,000		17,599,659
Bank of America Corp.
4.13%, 01/22/2024		29,876,000		29,687,840
4.00%, 04/01/2024^(b)		27,543,000		27,274,707
4.20%, 08/26/2024		35,848,000		35,224,629
Bank of Montreal (Canada)
2.15%, 03/08/2024^(b)		14,941,000		14,669,781
5.20%, 12/12/2024^(b)		11,950,000		11,888,025
Series H, 4.25%, 09/14/2024^(b)		17,924,000		17,646,448
Bank of Nova Scotia (The) (Canada)
2.44%, 03/11/2024^(b)		10,756,000		10,570,796
5.25%, 12/06/2024		11,951,000		11,890,633
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		7,080,000		6,975,860
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		14,930,000		14,605,967


	Principal Amount		Value
Banks-(continued)
BNP Paribas S.A. (France), 4.25%, 10/15/2024^(b)	$	11,885,000	$	11,633,289
BPCE S.A. (France), 4.00%, 04/15/2024^(b)		17,940,000		17,732,588
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024^(b)		7,771,000		7,373,476
Citigroup, Inc.
3.75%, 06/16/2024^(b)		7,452,000		7,350,278
4.00%, 08/05/2024		8,949,000		8,795,646
Cooperatieve Rabobank U.A. (Netherlands)
0.38%, 01/12/2024		9,050,000		8,884,098
3.88%, 08/22/2024^(b)		11,940,000		11,727,379
Credit Suisse AG (Switzerland)
0.50%, 02/02/2024		10,721,400		10,462,245
4.75%, 08/09/2024		12,800,000		12,626,423
3.63%, 09/09/2024		33,600,000		32,696,277
Fifth Third Bancorp, 4.30%, 01/16/2024^(b)		8,962,000		8,891,062
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		23,856,000		23,603,688
HSBC USA, Inc.
3.75%, 05/24/2024		11,910,000		11,722,126
3.50%, 06/23/2024		8,991,000		8,828,924
Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024		7,728,000		7,700,441
JPMorgan Chase & Co.
3.88%, 02/01/2024		17,923,000		17,802,831
3.63%, 05/13/2024		23,902,000		23,568,958
3.88%, 09/10/2024		35,778,000		35,092,897
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024^(b)		12,070,000		11,810,620
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024^(b)		11,961,000		11,648,319
National Bank of Canada (Canada), 0.75%, 08/06/2024		6,100,000		5,822,883
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		6,360,000		6,305,167
PNC Bank N.A.
2.50%, 08/27/2024		7,150,000		6,910,375
3.30%, 10/30/2024		5,945,000		5,785,483
PNC Financial Services Group, Inc. (The)
3.90%, 04/29/2024		10,142,000		9,995,081
2.20%, 11/01/2024		7,765,000		7,456,591
Royal Bank of Canada (Canada)
3.97%, 07/26/2024^(b)		17,924,000		17,648,121
0.65%, 07/29/2024^(b)		10,163,000		9,711,796
5.66%, 10/25/2024^(b)		13,739,000		13,747,709
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024^(b)		11,929,000		11,799,110
Sumitomo Mitsui Banking Corp. (Japan)
3.95%, 01/10/2024^(b)		6,152,000		6,109,374
3.40%, 07/11/2024		5,883,000		5,768,654

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		92

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023


	Principal Amount		Value
Banks-(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.51%, 01/12/2024^(b)	$	6,040,000	$	5,927,446
2.70%, 07/16/2024		23,953,000		23,320,864
2.45%, 09/27/2024		11,879,000		11,474,406
Toronto-Dominion Bank (The) (Canada)
2.35%, 03/08/2024		17,927,000		17,624,159
4.29%, 09/13/2024^(b)		17,929,000		17,668,204
1.25%, 12/13/2024^(b)		6,009,000		5,689,397
Truist Bank, 2.15%, 12/06/2024		14,859,000		14,178,963
Truist Financial Corp., 2.85%, 10/26/2024		11,949,000		11,535,439
U.S. Bancorp
3.70%, 01/30/2024^(b)		8,962,000		8,877,996
3.60%, 09/11/2024^(b)		11,949,000		11,696,615
Wells Fargo & Co.
4.48%, 01/16/2024		8,634,000		8,585,133
3.30%, 09/09/2024		26,892,000		26,266,381

				757,891,257

Beverages-1.37%
Coca-Cola Co. (The), 1.75%, 09/06/2024		12,000,000		11,570,521
Constellation Brands, Inc., 3.60%, 05/09/2024^(b)		6,586,000		6,486,609
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024^(b)		7,110,000		6,845,310
Keurig Dr Pepper, Inc., 0.75%, 03/15/2024		13,800,000		13,433,591
PepsiCo, Inc., 3.60%, 03/01/2024^(b)		15,000,000		14,857,117

				53,193,148

Biotechnology-2.07%
AbbVie, Inc., 2.60%, 11/21/2024		44,800,000		43,243,714
Amgen, Inc., 3.63%, 05/22/2024^(b)		16,800,500		16,556,906
Gilead Sciences, Inc., 3.70%, 04/01/2024^(b)		21,000,000		20,757,737

				80,558,357

Broadline Retail-2.78%
Amazon.com, Inc.
2.73%, 04/13/2024		17,927,000		17,636,134
0.45%, 05/12/2024^(b)		29,873,000		28,884,393
2.80%, 08/22/2024		23,903,000		23,299,071
4.70%, 11/29/2024^(b)		14,941,000		14,853,348
3.80%, 12/05/2024^(b)		14,938,000		14,675,536
eBay, Inc., 3.45%, 08/01/2024^(b)		8,960,000		8,780,035

				108,128,517

Capital Markets-7.95%
Ameriprise Financial, Inc., 3.70%, 10/15/2024^(b)		7,160,000		7,009,482
Bank of New York Mellon Corp. (The)
0.50%, 04/26/2024		7,159,000		6,928,838
3.40%, 05/15/2024		5,971,000		5,871,678
3.25%, 09/11/2024^(b)		5,961,000		5,815,026
2.10%, 10/24/2024		11,952,000		11,527,363
Series 12, 3.65%, 02/04/2024		8,962,000		8,881,872
Series J, 0.85%, 10/25/2024^(b)		8,367,000		7,927,604
BlackRock, Inc., 3.50%, 03/18/2024^(b)		12,500,000		12,366,928


	Principal Amount			Value
Capital Markets-(continued)
Charles Schwab Corp. (The), 0.75%, 03/18/2024^(b)		$	18,500,000		$	18,016,125
Deutsche Bank AG (Germany)
3.70%, 05/30/2024^(b)			8,952,000			8,779,574
3.70%, 05/30/2024			9,297,000			9,118,369
FS KKR Capital Corp., 1.65%, 10/12/2024^(b)			5,980,000			5,642,508
Goldman Sachs Group, Inc. (The)
4.00%, 03/03/2024			35,849,000			35,501,224
3.00%, 03/15/2024			27,482,000			27,064,214
3.85%, 07/08/2024			26,886,000			26,457,275
5.70%, 11/01/2024			23,900,000			23,867,197
Morgan Stanley
3.70%, 10/23/2024			35,850,000			35,099,595
Series F, 3.88%, 04/29/2024			35,851,000			35,416,200
State Street Corp., 3.30%, 12/16/2024			11,949,000			11,599,693
Stifel Financial Corp., 4.25%, 07/18/2024			6,600,000			6,490,683

						309,381,448

Chemicals-1.11%
Celanese US Holdings LLC, 5.90%, 07/05/2024^(b)			13,854,000			13,841,332
LyondellBasell Industries N.V., 5.75%, 04/15/2024^(b)			9,520,000			9,503,058
Nutrien Ltd. (Canada), 5.90%, 11/07/2024			6,300,000			6,301,544
Sherwin-Williams Co. (The)
3.13%, 06/01/2024			6,300,000			6,177,444
4.05%, 08/08/2024			7,500,000			7,381,028

						43,204,406

Communications Equipment-0.31%
Cisco Systems, Inc., 3.63%, 03/04/2024^(b)			12,002,000			11,885,942

Construction & Engineering-0.15%
Quanta Services, Inc., 0.95%, 10/01/2024			6,200,000			5,882,580

Construction Materials-0.17%
Vulcan Materials Co., 5.80%, 03/01/2026			6,600,000			6,611,710

Consumer Finance-3.57%
Ally Financial, Inc., 5.13%, 09/30/2024			8,361,000			8,236,264
American Express Co.
3.38%, 05/03/2024			23,906,000			23,525,267
3.00%, 10/30/2024^(b)			19,720,000			19,151,066
3.63%, 12/05/2024			7,171,000			6,986,018
Capital One Financial Corp., 3.75%, 04/24/2024			8,962,000			8,822,399
Discover Bank, 2.45%, 09/12/2024			9,095,000			8,725,153
Discover Financial Services, 3.95%, 11/06/2024			5,960,000			5,807,559

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		93

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023


	Principal Amount		Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.
1.05%, 03/08/2024	$	10,155,000	$	9,901,616
3.95%, 04/13/2024		14,940,000		14,747,433
1.20%, 10/15/2024^(b)		10,155,000		9,632,419
3.50%, 11/07/2024		8,967,000		8,713,696
Synchrony Financial, 4.25%, 08/15/2024^(b)		14,937,000		14,555,234

				138,804,124

Consumer Staples Distribution & Retail-1.97%
Costco Wholesale Corp., 2.75%, 05/18/2024^(b)		11,950,000		11,708,823
Dollar General Corp., 4.25%, 09/20/2024		8,967,000		8,829,579
Kroger Co. (The), 4.00%, 02/01/2024		5,980,000		5,934,698
Target Corp., 3.50%, 07/01/2024^(b)		11,953,000		11,751,917
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		13,830,000		13,510,418
Walmart, Inc.
3.30%, 04/22/2024^(b)		17,930,000		17,683,415
2.65%, 12/15/2024^(b)		7,532,000		7,298,385

				76,717,235

Diversified REITs-0.15%
W.P. Carey, Inc., 4.60%, 04/01/2024		5,980,000		5,934,708

Diversified Telecommunication Services-1.32%
AT&T, Inc., 0.90%, 03/25/2024		26,930,000		26,197,083
Verizon Communications, Inc.
0.75%, 03/22/2024		12,000,000		11,675,752
3.50%, 11/01/2024^(b)		13,900,000		13,582,550

				51,455,385

Electric Utilities-3.33%
Avangrid, Inc., 3.15%, 12/01/2024		7,160,000		6,909,529
Duke Energy Corp., 3.75%, 04/15/2024		11,950,000		11,803,215
Edison International, 3.55%, 11/15/2024		5,977,000		5,808,911
Entergy Louisiana LLC, 0.95%, 10/01/2024^(b)		11,948,000		11,345,079
Evergy, Inc., 2.45%, 09/15/2024		9,558,000		9,223,343
Eversource Energy, 4.20%, 06/27/2024		10,760,000		10,610,642
Florida Power & Light Co., 3.25%, 06/01/2024		5,972,000		5,869,649
Interstate Power and Light Co., 3.25%, 12/01/2024		5,980,000		5,810,597
MidAmerican Energy Co., 3.50%, 10/15/2024^(b)		5,960,000		5,827,416
National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024		5,980,000		5,845,661
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/2024		13,143,000		12,922,741
4.20%, 06/20/2024		9,967,000		9,836,099
Pacific Gas and Electric Co., 3.25%, 02/16/2024		11,950,000		11,801,427
Southern California Edison Co., 1.10%, 04/01/2024^(b)		9,170,000		8,920,315
Southern Co. (The), Series 21-A, 0.60%, 02/26/2024		7,170,000		6,995,034

				129,529,658


	Principal Amount		Value
Electronic Equipment, Instruments & Components-0.89%
Arrow Electronics, Inc.
3.25%, 09/08/2024	$	6,200,000	$	6,030,371
6.13%, 03/01/2026^(b)		6,200,000		6,201,184
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		7,000,000		6,962,340
Keysight Technologies, Inc., 4.55%, 10/30/2024		7,400,000		7,282,078
TD SYNNEX Corp., 1.25%, 08/09/2024^(b)		8,600,000		8,201,731

				34,677,704

Entertainment-0.91%
Walt Disney Co. (The), 1.75%, 08/30/2024		18,000,000		17,323,980
Warnermedia Holdings, Inc., 6.41%, 03/15/2026		17,950,000		17,979,152

				35,303,132

Financial Services-3.38%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.15%, 02/15/2024		10,750,000		10,602,350
1.65%, 10/29/2024		38,887,000		36,988,355
Series 3NC1, 1.75%, 10/29/2024		12,040,000		11,447,929
Fidelity National Information Services, Inc., 0.60%, 03/01/2024		9,100,000		8,868,784
Fiserv, Inc., 2.75%, 07/01/2024^(b)		24,000,000		23,412,418
Global Payments, Inc., 1.50%, 11/15/2024		6,200,000		5,883,260
Mastercard, Inc., 3.38%, 04/01/2024		12,000,000		11,846,497
ORIX Corp. (Japan), 3.25%, 12/04/2024^(b)		8,345,000		8,059,572
PayPal Holdings, Inc., 2.40%, 10/01/2024^(b)		15,000,000		14,507,032

				131,616,197

Food Products-1.18%
General Mills, Inc., 3.65%, 02/15/2024		6,000,000		5,936,716
Hormel Foods Corp., 0.65%, 06/03/2024^(b)		11,500,000		11,082,407
McCormick & Co., Inc., 3.15%, 08/15/2024^(b)		8,381,000		8,180,332
Mondelez International, Inc., 2.13%, 03/17/2024^(b)		5,985,000		5,869,180
Tyson Foods, Inc., 3.95%, 08/15/2024		15,000,000		14,738,192

				45,806,827

Gas Utilities-0.48%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024		7,300,000		7,027,029
ONE Gas, Inc., 1.10%, 03/11/2024		6,000,000		5,849,327
Southern California Gas Co., 3.15%, 09/15/2024		6,000,000		5,850,584

				18,726,940

Ground Transportation-0.99%
Burlington Northern Santa Fe LLC
3.75%, 04/01/2024		5,980,000		5,913,575
3.40%, 09/01/2024		8,368,000		8,197,599

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		94

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023


	Principal Amount		Value
Ground Transportation-(continued)
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024^(b)	$	18,894,000	$	17,918,491
CSX Corp., 3.40%, 08/01/2024		6,700,000		6,564,719

				38,594,384

Health Care Equipment & Supplies-1.91%
Baxter International, Inc., 1.32%, 11/29/2024		16,600,000		15,733,191
Becton, Dickinson and Co.
3.36%, 06/06/2024		12,000,000		11,776,603
3.73%, 12/15/2024		10,476,000		10,227,169
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024^(b)		8,377,000		8,062,154
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024^(b)		12,000,000		11,973,047
Stryker Corp., 3.38%, 05/15/2024^(b)		7,200,000		7,066,829
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024^(b)		10,169,000		9,658,741

				74,497,734

Health Care Providers & Services-3.87%
Aetna, Inc., 3.50%, 11/15/2024		9,005,000		8,771,581
Cardinal Health, Inc., 3.08%, 06/15/2024		8,972,000		8,778,692
Cencora, Inc., 3.40%, 05/15/2024		5,987,000		5,891,783
Cigna Group (The)
0.61%, 03/15/2024		6,000,000		5,838,823
3.50%, 06/15/2024^(b)		8,542,000		8,400,647
5.69%, 03/15/2026^(b)		8,382,000		8,392,902
CommonSpirit Health, 2.76%, 10/01/2024		9,217,000		8,934,950
CVS Health Corp., 3.38%, 08/12/2024		7,779,000		7,600,345
Elevance Health, Inc.
3.50%, 08/15/2024^(b)		9,603,000		9,400,374
3.35%, 12/01/2024		10,169,000		9,896,691
HCA, Inc., 5.00%, 03/15/2024		24,000,000		23,867,565
Humana, Inc.
3.85%, 10/01/2024		6,898,000		6,759,451
5.70%, 03/13/2026^(b)		6,005,000		6,006,294
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024^(b)		7,179,000		6,997,711
McKesson Corp., 3.80%, 03/15/2024		7,739,000		7,657,685
UnitedHealth Group, Inc.
0.55%, 05/15/2024^(b)		12,003,000		11,595,105
5.00%, 10/15/2024^(b)		5,997,000		5,981,356

				150,771,955

Hotels, Restaurants & Leisure-0.37%
Hyatt Hotels Corp., 1.80%, 10/01/2024		8,920,000		8,542,429
McDonald’s Corp., 3.25%, 06/10/2024^(b)		5,960,000		5,857,173

				14,399,602

Household Durables-0.29%
D.R. Horton, Inc., 2.50%, 10/15/2024		5,975,000		5,762,870
Lennar Corp., 4.50%, 04/30/2024		5,699,000		5,654,970

				11,417,840

Household Products-0.15%
Colgate-Palmolive Co., 3.25%, 03/15/2024		5,985,000		5,912,515


	Principal Amount		Value
Insurance-1.54%
American International Group, Inc., 4.13%, 02/15/2024	$	5,493,000	$	5,447,864
Aon Global Ltd., 3.50%, 06/14/2024		7,185,000		7,061,103
Brown & Brown, Inc., 4.20%, 09/15/2024^(b)		6,005,000		5,895,712
Chubb INA Holdings, Inc., 3.35%, 05/15/2024		8,397,000		8,258,922
CNA Financial Corp., 3.95%, 05/15/2024		6,600,000		6,515,465
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024^(b)		7,158,000		7,031,647
MetLife, Inc., 3.60%, 04/10/2024		12,000,000		11,844,151
Willis North America, Inc., 3.60%, 05/15/2024		7,830,000		7,703,008

				59,757,872

Interactive Media & Services-0.26%
Alphabet, Inc., 3.38%, 02/25/2024^(b)		10,400,000		10,308,007

IT Services-0.61%
International Business Machines Corp., 3.63%, 02/12/2024		24,130,000		23,908,014

Leisure Products-0.15%
Hasbro, Inc., 3.00%, 11/19/2024		5,985,000		5,784,930

Life Sciences Tools & Services-0.94%
Revvity, Inc., 0.85%, 09/15/2024		8,583,000		8,139,886
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024		30,000,000		28,609,690

				36,749,576

Machinery-4.24%
Caterpillar Financial Services Corp.
0.95%, 01/10/2024		14,400,000		14,173,264
0.45%, 05/17/2024		13,200,000		12,738,396
0.60%, 09/13/2024		9,000,000		8,568,860
2.15%, 11/08/2024^(b)		11,970,000		11,531,495
3.25%, 12/01/2024		7,500,000		7,315,738
Caterpillar, Inc., 3.40%, 05/15/2024		11,970,000		11,821,570
CNH Industrial Capital LLC, 4.20%, 01/15/2024		5,980,000		5,940,105
Illinois Tool Works, Inc., 3.50%, 03/01/2024^(b)		8,400,000		8,323,996
John Deere Capital Corp.
0.90%, 01/10/2024		5,965,000		5,871,280
0.45%, 01/17/2024		9,600,000		9,425,930
0.45%, 06/07/2024^(b)		7,185,000		6,918,915
3.35%, 06/12/2024^(b)		5,980,000		5,881,697
2.65%, 06/24/2024^(b)		7,200,000		7,041,870
0.63%, 09/10/2024		5,999,000		5,714,902
4.55%, 10/11/2024		7,183,000		7,127,705
Parker-Hannifin Corp.
3.65%, 06/15/2024		16,800,000		16,515,216
3.30%, 11/21/2024		5,963,000		5,792,554
Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024		6,000,000		5,869,560
Wabtec Corp., 4.40%, 03/15/2024		8,680,000		8,588,612

				165,161,665

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		95

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023


	Principal Amount		Value
Media-0.79%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024	$	13,160,000	$	13,066,809
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024		9,000,000		8,790,574
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		9,000,000		8,756,807

				30,614,190

Metals & Mining-0.23%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		9,203,000		9,057,409

Multi-Utilities-0.35%
Black Hills Corp., 1.04%, 08/23/2024		7,168,000		6,832,326
WEC Energy Group, Inc., 0.80%, 03/15/2024		7,168,000		6,984,786

				13,817,112

Office REITs-0.22%
Boston Properties L.P., 3.80%, 02/01/2024		8,499,000		8,397,485

Oil, Gas & Consumable Fuels-7.61%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024		7,300,000		7,198,359
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024^(b)		6,200,000		6,121,050
Chevron Corp., 2.90%, 03/03/2024		12,000,000		11,841,142
Chevron USA, Inc., 3.90%, 11/15/2024		7,600,000		7,478,848
ConocoPhillips Co., 2.13%, 03/08/2024		5,700,000		5,607,713
Continental Resources, Inc., 3.80%, 06/01/2024		11,000,000		10,809,192
Enbridge, Inc. (Canada)
3.50%, 06/10/2024^(b)		6,000,000		5,892,935
5.97%, 03/08/2026		8,500,000		8,507,346
Energy Transfer L.P.
4.25%, 04/01/2024		6,000,000		5,937,822
3.90%, 05/15/2024		7,400,000		7,292,608
Enterprise Products Operating LLC, 3.90%, 02/15/2024		10,400,000		10,310,765
Equinor ASA (Norway), 3.70%, 03/01/2024		12,000,000		11,896,848
Exxon Mobil Corp.
3.18%, 03/15/2024		12,000,000		11,857,533
2.02%, 08/16/2024^(b)		12,000,000		11,616,750
Kinder Morgan Energy Partners L.P.
4.15%, 02/01/2024		8,000,000		7,937,788
4.30%, 05/01/2024		7,300,000		7,219,451
4.25%, 09/01/2024		7,999,000		7,871,485
Marathon Petroleum Corp., 3.63%, 09/15/2024		9,200,000		9,002,582
MPLX L.P., 4.88%, 12/01/2024		14,000,000		13,824,109
Phillips 66, 0.90%, 02/15/2024		9,700,000		9,488,796
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024		9,000,000		8,765,938
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024		4,720,000		4,714,428
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024		15,000,000		14,428,459


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Spectra Energy Partners L.P., 4.75%, 03/15/2024	$	12,000,000	$	11,926,589
TotalEnergies Capital International S.A. (France)
3.70%, 01/15/2024		12,000,000		11,919,987
3.75%, 04/10/2024^(b)		15,280,000		15,108,731
TransCanada PipeLines Ltd. (Canada)
1.00%, 10/12/2024^(b)		15,000,000		14,231,538
6.20%, 03/09/2026^(b)		10,300,000		10,311,673
Williams Cos., Inc. (The)
4.30%, 03/04/2024		12,000,000		11,895,348
4.55%, 06/24/2024^(b)		15,200,000		15,040,927

				296,056,740

Passenger Airlines-0.27%
Delta Air Lines, Inc., 2.90%, 10/28/2024		10,760,000		10,432,030

Personal Care Products-0.75%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024		5,979,000		5,739,507
Unilever Capital Corp. (United Kingdom)
3.25%, 03/07/2024		6,010,000		5,936,533
2.60%, 05/05/2024^(b)		11,942,000		11,688,470
0.63%, 08/12/2024		6,010,000		5,746,528

				29,111,038

Pharmaceuticals-2.02%
AstraZeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024		19,151,000		18,495,339
Eli Lilly and Co., 5.00%, 02/27/2026^(b)		9,000,000		9,003,675
Haleon US Capital LLC, 3.02%, 03/24/2024		7,940,000		7,810,791
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024^(b)		25,800,000		25,432,605
Pfizer, Inc., 3.40%, 05/15/2024		12,000,000		11,824,929
Wyeth LLC, 6.45%, 02/01/2024		5,985,000		5,999,678

				78,567,017

Professional Services-0.23%
Equifax, Inc., 2.60%, 12/01/2024^(b)		9,200,000		8,848,585

Retail REITs-0.75%
Simon Property Group L.P.
3.75%, 02/01/2024		7,200,000		7,134,768
2.00%, 09/13/2024		12,000,000		11,548,480
3.38%, 10/01/2024		10,810,000		10,545,667

				29,228,915

Semiconductors & Semiconductor Equipment-2.19%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		10,000,000		9,915,500
Intel Corp.
2.88%, 05/11/2024^(b)		15,000,000		14,726,718
2.70%, 06/17/2024		590,000		576,705
KLA Corp., 4.65%, 11/01/2024		9,100,000		9,023,362
Microchip Technology, Inc., 0.97%, 02/15/2024^(b)		17,000,000		16,611,760
NVIDIA Corp., 0.58%, 06/14/2024		15,200,000		14,644,501

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		96

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023


	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
QUALCOMM, Inc., 2.90%, 05/20/2024	$	11,000,000	$	10,797,604
Xilinx, Inc., 2.95%, 06/01/2024		9,100,000		8,922,240

				85,218,390

Software-2.72%
Microsoft Corp., 2.88%, 02/06/2024^(b)		27,000,000		26,721,578
Oracle Corp.
3.40%, 07/08/2024		24,200,000		23,746,465
2.95%, 11/15/2024		24,200,000		23,443,449
Roper Technologies, Inc., 2.35%, 09/15/2024^(b)		6,200,000		5,992,936
Salesforce, Inc., 0.63%, 07/15/2024		12,000,000		11,509,220
VMware, Inc., 1.00%, 08/15/2024^(b)		15,005,000		14,345,824

				105,759,472

Specialized REITs-0.68%
American Tower Corp.
0.60%, 01/15/2024^(b)		5,997,000		5,881,763
5.00%, 02/15/2024		12,000,000		11,952,735
Crown Castle, Inc., 3.20%, 09/01/2024		9,005,000		8,776,613

				26,611,111

Specialty Retail-0.64%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		12,100,000		11,918,776
Home Depot, Inc. (The), 3.75%, 02/15/2024		13,150,000		13,054,942

				24,973,718

Technology Hardware, Storage & Peripherals-2.83%
Apple, Inc.
3.00%, 02/09/2024		21,000,000		20,772,748
3.45%, 05/06/2024		30,000,000		29,614,645
2.85%, 05/11/2024		21,000,000		20,634,533
1.80%, 09/11/2024^(b)		9,200,000		8,888,118
Hewlett Packard Enterprise Co.
1.45%, 04/01/2024		12,000,000		11,699,631
5.90%, 10/01/2024		18,700,000		18,724,342

				110,334,017

Tobacco-1.07%
Altria Group, Inc., 4.00%, 01/31/2024^(b).		9,286,000		9,212,638
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024		11,995,000		11,641,707
Philip Morris International, Inc.
3.25%, 11/10/2024^(b)		8,973,000		8,741,784
5.13%, 11/15/2024^(b)		12,000,000		11,946,087

				41,542,216

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Trading Companies & Distributors-0.56%
Air Lease Corp.
0.70%, 02/15/2024	$	9,100,000	$	8,882,575
0.80%, 08/18/2024^(b)		7,200,000		6,851,658
4.25%, 09/15/2024		5,979,000		5,870,996

				21,605,229

Wireless Telecommunication Services-1.19%
Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024		7,300,000		7,105,910
Sprint LLC, 7.13%, 06/15/2024		29,920,000		30,184,254
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024^(b)		9,294,000		9,221,419

				46,511,583

Total U.S. Dollar Denominated Bonds & Notes (Cost $3,922,625,883)				3,840,515,538

	Shares
Money Market Funds-0.43%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $16,589,150)		16,589,150		16,589,150

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.09% (Cost $3,939,215,033)				3,857,104,688


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.45%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		48,524,883		48,524,883
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		124,841,911		124,841,911

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $173,363,561)				173,366,794

TOTAL INVESTMENTS IN SECURITIES-103.54% (Cost $4,112,578,594)				4,030,471,482
OTHER ASSETS LESS LIABILITIES-(3.54)%				(137,839,898	)

NET ASSETS-100.00%			$	3,892,631,584

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		97

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 6,400,109		$	218,388,453		$	(208,199,412	)		$	-			$	-		$	16,589,150		$	542,613

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		28,975,256			344,128,761			(324,579,134	)			-				-			48,524,883			2,221,761	*

Invesco Private Prime Fund		75,151,379			747,283,660			(697,597,406	)			(1,470	)			5,748			124,841,911			6,022,499	*


Total		$110,526,744		$	1,309,800,874		$	(1,230,375,952	)		$	(1,470	)		$	5,748		$	189,955,944		$	8,786,873

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		98

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.04%
Aerospace & Defense-2.36%
Boeing Co. (The), 4.88%, 05/01/2025	$	22,713,000	$	22,411,174
General Dynamics Corp.
3.25%, 04/01/2025		4,929,000		4,779,002
3.50%, 05/15/2025^(b)		4,870,000		4,729,905
Howmet Aerospace, Inc., 6.88%, 05/01/2025		3,912,000		3,942,964
L3Harris Technologies, Inc., 3.83%, 04/27/2025		3,920,000		3,816,232
Lockheed Martin Corp., 4.95%, 10/15/2025		3,250,000		3,242,019
Northrop Grumman Corp., 2.93%, 01/15/2025		9,736,000		9,412,882
Precision Castparts Corp., 3.25%, 06/15/2025		5,558,000		5,381,741
RTX Corp., 3.95%, 08/16/2025		9,736,000		9,470,726

				67,186,645

Air Freight & Logistics-0.22%
United Parcel Service, Inc., 3.90%, 04/01/2025		6,495,000		6,365,313

Automobile Components-1.16%
American Honda Finance Corp.
1.50%, 01/13/2025^(b)		7,142,000		6,776,752
5.00%, 05/23/2025		4,870,000		4,828,137
1.20%, 07/08/2025		4,895,000		4,541,649
1.00%, 09/10/2025		4,895,000		4,489,097
Series A, 4.60%, 04/17/2025		5,220,000		5,154,222
BorgWarner, Inc., 3.38%, 03/15/2025^(b)		3,250,000		3,140,314
Magna International, Inc. (Canada), 4.15%, 10/01/2025^(b)		4,218,000		4,098,909

				33,029,080

Automobiles-2.95%
General Motors Co.
4.00%, 04/01/2025^(b)		3,247,000		3,159,065
6.13%, 10/01/2025		12,981,000		13,040,372
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025^(b)		6,521,000		6,231,510
PACCAR Financial Corp., 3.55%, 08/11/2025		3,896,000		3,788,886
Toyota Motor Credit Corp.
4.80%, 01/10/2025		7,790,000		7,738,556
1.45%, 01/13/2025		7,511,000		7,134,523
1.80%, 02/13/2025^(b)		9,090,000		8,654,625
3.00%, 04/01/2025		8,120,000		7,841,856
3.40%, 04/14/2025^(b)		3,243,000		3,149,003
3.95%, 06/30/2025^(b)		8,442,000		8,251,991
3.65%, 08/18/2025^(b)		4,874,000		4,735,033
0.80%, 10/16/2025		6,491,000		5,924,572
5.40%, 11/10/2025		4,220,000		4,243,598

				83,893,590

Banks-18.31%
Banco Santander S.A. (Spain)
3.50%, 03/24/2025		7,977,000		7,692,710
2.75%, 05/28/2025^(b)		9,600,000		9,089,559
5.15%, 08/18/2025		11,203,000		11,029,916


	Principal Amount		Value
Banks-(continued)
Bank of America Corp.
4.00%, 01/22/2025	$	16,131,000	$	15,722,504
3.88%, 08/01/2025^(b)		11,567,000		11,265,552
Series L, 3.95%, 04/21/2025		16,134,000		15,627,363
Bank of Montreal (Canada)
1.50%, 01/10/2025^(b)		8,694,000		8,228,997
3.70%, 06/07/2025		8,392,000		8,111,843
Bank of Nova Scotia (The) (Canada)
1.45%, 01/10/2025^(b)		8,713,000		8,245,951
3.45%, 04/11/2025		11,291,000		10,913,310
5.45%, 06/12/2025^(b)		7,102,000		7,065,604
Canadian Imperial Bank of Commerce (Canada)
3.30%, 04/07/2025^(b)		8,714,000		8,404,034
5.14%, 04/28/2025		8,050,000		7,986,400
3.95%, 08/04/2025^(b)		8,707,000		8,443,750
Citigroup, Inc.
3.88%, 03/26/2025		6,450,000		6,252,536
3.30%, 04/27/2025		9,658,000		9,334,575
4.40%, 06/10/2025		16,131,000		15,741,318
5.50%, 09/13/2025		9,159,000		9,111,646
Citizens Bank N.A., 2.25%, 04/28/2025^(b)		4,910,000		4,559,491
Cooperatieve Rabobank U.A. (Netherlands)
1.38%, 01/10/2025		6,390,000		6,054,767
5.00%, 01/13/2025^(b)		6,390,000		6,343,445
4.38%, 08/04/2025		9,710,000		9,419,121
Credit Suisse AG (Switzerland)
7.95%, 01/09/2025		8,150,000		8,314,359
3.70%, 02/21/2025		12,460,000		12,018,996
2.95%, 04/09/2025		7,945,000		7,548,712
Fifth Third Bancorp, 2.38%, 01/28/2025		4,835,000		4,604,160
Fifth Third Bank N.A., 3.95%, 07/28/2025^(b)		4,770,000		4,608,150
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025^(b)		9,680,000		9,345,606
HSBC USA, Inc., 5.63%, 03/17/2025		8,070,000		8,054,016
Huntington Bancshares, Inc., 4.00%, 05/15/2025^(b)		3,021,000		2,916,796
JPMorgan Chase & Co.
3.13%, 01/23/2025		16,134,000		15,615,876
3.90%, 07/15/2025^(b)		16,129,000		15,682,276
KeyBank N.A.
3.30%, 06/01/2025^(b)		4,760,000		4,463,286
4.15%, 08/08/2025		8,170,000		7,737,174
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025		8,645,000		8,329,237
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025^(b)		3,317,000		3,241,905
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 02/25/2025		16,754,000		15,901,722
3.78%, 03/02/2025		4,825,000		4,687,960
1.41%, 07/17/2025^(b)		11,340,000		10,480,652
National Bank of Canada (Canada), 5.25%, 01/17/2025^(b)		6,760,000		6,735,207

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		99

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Banks-(continued)
PNC Bank N.A., 3.25%, 06/01/2025	$	6,385,000	$	6,105,237
Regions Financial Corp., 2.25%, 05/18/2025		4,843,000		4,529,359
Royal Bank of Canada (Canada)
1.60%, 01/21/2025^(b)		6,433,000		6,101,735
3.38%, 04/14/2025^(b)		9,036,000		8,746,238
4.95%, 04/25/2025^(b)		10,322,000		10,217,121
Santander Holdings USA, Inc.
3.45%, 06/02/2025		6,450,000		6,159,647
4.50%, 07/17/2025		7,102,000		6,935,897
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025^(b)		3,220,000		3,100,718
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 01/15/2025		8,070,000		7,707,279
1.47%, 07/08/2025^(b)		15,223,000		14,103,062
Toronto-Dominion Bank (The) (Canada)
1.45%, 01/10/2025^(b)		5,166,000		4,898,874
3.77%, 06/06/2025^(b)		10,620,000		10,316,404
Truist Bank
1.50%, 03/10/2025^(b)		8,170,000		7,625,601
3.63%, 09/16/2025		8,170,000		7,748,098
Truist Financial Corp.
4.00%, 05/01/2025		5,487,000		5,318,466
3.70%, 06/05/2025		6,450,000		6,214,689
1.20%, 08/05/2025		4,822,000		4,428,162
U.S. Bancorp, 1.45%, 05/12/2025		9,654,000		9,033,789
U.S. Bank N.A., 2.05%, 01/21/2025		6,530,000		6,213,000
Wells Fargo & Co.
3.00%, 02/19/2025		16,089,000		15,481,075
3.55%, 09/29/2025		16,134,000		15,485,192

				521,400,125

Beverages-1.08%
Diageo Capital PLC (United Kingdom)
1.38%, 09/29/2025		4,800,000		4,434,890
5.20%, 10/24/2025		3,220,000		3,223,191
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		3,250,000		3,109,986
PepsiCo, Inc.
2.25%, 03/19/2025		9,736,000		9,321,239
2.75%, 04/30/2025		6,531,000		6,280,776
3.50%, 07/17/2025		4,541,000		4,415,522

				30,785,604

Biotechnology-2.57%
AbbVie, Inc., 3.60%, 05/14/2025		24,349,000		23,627,313
Amgen, Inc.
1.90%, 02/21/2025^(b)		3,244,000		3,086,845
5.25%, 03/02/2025		12,980,000		12,932,763
3.13%, 05/01/2025^(b)		6,490,000		6,247,262
Baxalta, Inc., 4.00%, 06/23/2025		5,219,000		5,076,495
Biogen, Inc., 4.05%, 09/15/2025		11,364,000		11,024,985
Gilead Sciences, Inc., 3.50%, 02/01/2025		11,358,000		11,061,456

				73,057,119


	Principal Amount		Value
Broadline Retail-1.25%
Amazon.com, Inc.
3.00%, 04/13/2025^(b)	$	9,740,000	$	9,431,798
0.80%, 06/03/2025^(b)		8,119,000		7,543,765
4.60%, 12/01/2025^(b)		8,120,000		8,064,296
5.20%, 12/03/2025		5,661,000		5,681,133
eBay, Inc., 1.90%, 03/11/2025^(b)		5,190,000		4,918,998

				35,639,990

Building Products-0.11%
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025		3,270,000		3,169,615

Capital Markets-7.35%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		3,250,000		3,127,568
Ares Capital Corp.
4.25%, 03/01/2025		3,897,000		3,751,482
3.25%, 07/15/2025^(b)		8,120,000		7,620,674
Bank of New York Mellon Corp. (The)
1.60%, 04/24/2025		8,048,000		7,566,493
3.35%, 04/25/2025		6,126,000		5,908,785
Series G, 3.00%, 02/24/2025^(b)		4,835,000		4,660,671
Blue Owl Capital Corp., 3.75%, 07/22/2025		3,242,000		3,042,869
Brookfield Corp. (Canada), 4.00%, 01/15/2025		3,250,000		3,161,716
Charles Schwab Corp. (The)
4.20%, 03/24/2025		3,898,000		3,814,040
3.85%, 05/21/2025		4,870,000		4,725,594
CME Group, Inc., 3.00%, 03/15/2025^(b)		4,870,000		4,704,466
Deutsche Bank AG (Germany)
4.50%, 04/01/2025^(b)		9,547,000		9,204,357
4.16%, 05/13/2025		3,220,000		3,137,201
Goldman Sachs Group, Inc. (The) 3.50%, 01/23/2025		16,130,000		15,628,612
3.50%, 04/01/2025		22,580,000		21,799,228
3.75%, 05/22/2025		14,516,000		14,039,202
4.25%, 10/21/2025^(b)		12,908,000		12,531,097
Moody’s Corp., 3.75%, 03/24/2025		4,544,000		4,425,150
Morgan Stanley
4.00%, 07/23/2025		19,359,000		18,790,119
5.00%, 11/24/2025		12,902,000		12,712,743
Nasdaq, Inc., 5.65%, 06/28/2025		3,250,000		3,255,283
Nomura Holdings, Inc. (Japan)
5.10%, 07/03/2025^(b)		5,108,000		5,018,865
1.85%, 07/16/2025^(b)		9,650,000		8,924,473
Northern Trust Corp., 3.95%, 10/30/2025		4,836,000		4,684,287
State Street Corp., 3.55%, 08/18/2025		8,390,000		8,104,760
UBS Group AG (Switzerland), 3.75%, 03/26/2025		15,324,000		14,814,010

				209,153,745

Chemicals-1.13%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		3,565,000		3,308,403
Celanese US Holdings LLC, 6.05%, 03/15/2025		11,364,000		11,379,944
Eastman Chemical Co., 3.80%, 03/15/2025		4,543,000		4,417,232

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		100

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Chemicals-(continued)
EIDP, Inc., 1.70%, 07/15/2025^(b)	$	3,241,000	$	3,024,375
Linde, Inc., 4.70%, 12/05/2025		3,893,000		3,863,255
LYB International Finance III LLC, 1.25%, 10/01/2025		3,220,000		2,938,213
Nutrien Ltd. (Canada), 5.95%, 11/07/2025		3,225,000		3,247,420

				32,178,842

Commercial Services & Supplies-0.31%
Republic Services, Inc., 3.20%, 03/15/2025		3,245,000		3,139,870
Waste Management, Inc.
3.13%, 03/01/2025		2,739,000		2,653,686
0.75%, 11/15/2025		3,250,000		2,956,729

				8,750,285

Communications Equipment-0.11%
Cisco Systems, Inc., 3.50%, 06/15/2025		3,244,000		3,157,400

Consumer Finance-4.27%
Ally Financial, Inc.
4.63%, 03/30/2025		3,260,000		3,156,194
5.80%, 05/01/2025^(b)		4,830,000		4,761,735
5.75%, 11/20/2025^(b)		6,770,000		6,572,905
American Express Co.
2.25%, 03/04/2025		11,264,000		10,716,205
3.95%, 08/01/2025		14,480,000		14,058,090
Capital One Financial Corp.
3.20%, 02/05/2025		6,452,000		6,200,382
4.25%, 04/30/2025^(b)		4,840,000		4,695,337
4.20%, 10/29/2025		9,681,000		9,310,031
Discover Financial Services, 3.75%, 03/04/2025		3,230,000		3,098,820
General Motors Financial Co., Inc.
4.00%, 01/15/2025		6,490,000		6,312,618
2.90%, 02/26/2025		8,110,000		7,748,504
3.80%, 04/07/2025		7,142,000		6,903,304
4.35%, 04/09/2025^(b)		6,488,000		6,332,060
2.75%, 06/20/2025		8,140,000		7,692,577
4.30%, 07/13/2025		5,196,000		5,049,069
6.05%, 10/10/2025^(b)		8,111,000		8,124,271
Synchrony Financial
4.88%, 06/13/2025		4,895,000		4,723,773
4.50%, 07/23/2025		6,448,000		6,158,100

				121,613,975

Consumer Staples Distribution & Retail-1.41%
Dollar General Corp., 4.15%, 11/01/2025		3,250,000		3,158,890
Dollar Tree, Inc., 4.00%, 05/15/2025		6,490,000		6,300,003
Sysco Corp., 3.75%, 10/01/2025		4,872,000		4,713,656
Target Corp., 2.25%, 04/15/2025^(b)		9,740,000		9,303,306
Walmart, Inc.
3.55%, 06/26/2025		5,678,000		5,530,544
3.90%, 09/09/2025		11,361,000		11,117,756

				40,124,155


	Principal Amount			Value

Containers & Packaging-0.24%
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025^(b)		$	3,250,000		$	3,152,891
WRKCo, Inc., 3.75%, 03/15/2025^(b)			3,899,000			3,783,689

						6,936,580

Distributors-0.11%
Genuine Parts Co., 1.75%, 02/01/2025			3,250,000			3,074,093

Diversified Consumer Services-0.11%
Yale University, Series 2020, 0.87%, 04/15/2025			3,230,000			3,018,925

Diversified REITs-0.11%
VICI Properties L.P., 4.38%, 05/15/2025			3,250,000			3,162,608

Diversified Telecommunication Services-0.59%
Verizon Communications, Inc.
3.38%, 02/15/2025			8,642,299			8,387,792
0.85%, 11/20/2025^(b)			9,151,000			8,302,834

						16,690,626

Electric Utilities-2.94%
Avangrid, Inc., 3.20%, 04/15/2025			4,870,000			4,664,537
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025			8,084,000			7,914,716
Constellation Energy Generation LLC, 3.25%, 06/01/2025			5,840,000			5,594,736
Duke Energy Corp.
0.90%, 09/15/2025			4,221,000			3,856,017
5.00%, 12/08/2025			3,250,000			3,220,278
Duke Energy Progress LLC, 3.25%, 08/15/2025			3,231,000			3,114,235
Entergy Corp., 0.90%, 09/15/2025			5,198,000			4,725,980
Exelon Corp., 3.95%, 06/15/2025			5,241,000			5,087,918
Florida Power & Light Co.
2.85%, 04/01/2025			7,145,000			6,877,421
3.13%, 12/01/2025^(b)			3,896,000			3,734,090
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025^(b)			3,250,000			3,139,156
1.88%, 02/07/2025			3,895,000			3,702,104
5.45%, 10/30/2025^(b)			3,230,000			3,241,795
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025			6,530,000			6,400,083
Pacific Gas and Electric Co., 3.45%, 07/01/2025			5,674,769			5,392,468
Pinnacle West Capital Corp., 1.30%, 06/15/2025^(b)			3,227,000			2,981,811
Southern Co. (The), 5.15%, 10/06/2025 .			3,250,000			3,234,692
Southern Power Co., 4.15%, 12/01/2025			3,250,000			3,164,888
Xcel Energy, Inc., 3.30%, 06/01/2025			3,891,000			3,742,704

						83,789,629

Electrical Equipment-0.11%
Emerson Electric Co., 3.15%, 06/01/2025			3,250,000			3,143,997

Electronic Equipment, Instruments & Components-0.13%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025			3,917,000			3,795,593

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		101

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value

Energy Equipment & Services-0.19%
Halliburton Co., 3.80%, 11/15/2025	$	2,578,000	$	2,515,362
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025^(b)		3,245,000		3,002,875

				5,518,237

Entertainment-1.25%
Netflix, Inc., 5.88%, 02/15/2025^(b)		5,192,000		5,221,569
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025		3,890,000		3,763,235
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025^(b)		4,863,000		4,671,055
Walt Disney Co. (The), 3.35%, 03/24/2025		11,360,000		11,029,495
Warnermedia Holdings, Inc., 3.64%, 03/15/2025		11,380,000		11,017,371

				35,702,725

Financial Services-3.04%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%, 01/15/2025		5,260,000		5,082,939
6.50%, 07/15/2025		8,062,000		8,107,314
4.45%, 10/01/2025		3,883,000		3,762,130
Blackstone Private Credit Fund
4.70%, 03/24/2025^(b)		5,846,000		5,686,739
7.05%, 09/29/2025^(b)		5,150,000		5,189,872
Corebridge Financial, Inc., 3.50%, 04/04/2025		6,476,000		6,227,946
Fidelity National Information Services, Inc., 4.50%, 07/15/2025^(b)		4,869,000		4,775,456
Fiserv, Inc., 3.85%, 06/01/2025		5,846,000		5,677,577
Mastercard, Inc., 2.00%, 03/03/2025		4,865,000		4,651,179
PayPal Holdings, Inc., 1.65%, 06/01/2025		6,491,000		6,085,497
Radian Group, Inc., 6.63%, 03/15/2025		3,403,000		3,405,229
Visa, Inc., 3.15%, 12/14/2025		25,970,000		24,921,121
Western Union Co. (The), 2.85%, 01/10/2025		3,246,000		3,112,698

				86,685,697

Food Products-1.04%
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		3,894,000		3,608,039
Campbell Soup Co., 3.95%, 03/15/2025		5,520,000		5,376,047
General Mills, Inc., 4.00%, 04/17/2025		5,198,000		5,069,404
JM Smucker Co. (The), 3.50%, 03/15/2025		6,489,000		6,288,930
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		4,864,000		4,737,263
Mondelez International, Inc., 1.50%, 05/04/2025		4,870,000		4,557,185

				29,636,868

Ground Transportation-0.62%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025		3,242,000		3,132,834
Canadian Pacific Railway Co. (Canada),
2.90%, 02/01/2025		4,540,000		4,374,111
CSX Corp., 3.35%, 11/01/2025		3,896,000		3,746,088


	Principal Amount			Value
Ground Transportation-(continued)
Union Pacific Corp.
3.75%, 07/15/2025^(b)		$	3,250,000		$	3,159,785
3.25%, 08/15/2025^(b)			3,248,000			3,129,774

						17,542,592

Health Care Equipment & Supplies-1.16%
Abbott Laboratories, 2.95%, 03/15/2025			6,492,000			6,291,730
Boston Scientific Corp., 1.90%, 06/01/2025			3,250,000			3,055,253
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025			9,680,000			9,684,213
Stryker Corp.
1.15%, 06/15/2025			4,214,000			3,917,062
3.38%, 11/01/2025			4,870,000			4,674,855
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025			5,606,000			5,425,280

						33,048,393

Health Care Providers & Services-4.10%
Cardinal Health, Inc., 3.75%, 09/15/2025^(b)			3,250,000			3,140,091
Cencora, Inc., 3.25%, 03/01/2025^(b)			3,250,000			3,145,663
Cigna Group (The)
3.25%, 04/15/2025			4,910,000			4,730,689
4.13%, 11/15/2025			14,270,000			13,910,778
CVS Health Corp.
4.10%, 03/25/2025			6,168,000			6,038,273
3.88%, 07/20/2025			18,360,522			17,821,089
Elevance Health, Inc., 2.38%, 01/15/2025			8,115,000			7,763,197
HCA, Inc.
5.38%, 02/01/2025			16,880,000			16,780,043
5.25%, 04/15/2025^(b)			9,091,000			9,010,594
Humana, Inc., 4.50%, 04/01/2025			3,891,000			3,835,838
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025			6,492,000			6,300,965
McKesson Corp., 0.90%, 12/03/2025^(b)			3,250,000			2,945,033
Quest Diagnostics, Inc., 3.50%, 03/30/2025			3,899,000			3,774,647
UnitedHealth Group, Inc.
3.75%, 07/15/2025			12,982,000			12,656,022
5.15%, 10/15/2025			4,866,000			4,864,967

						116,717,889

Health Care REITs-0.51%
Healthpeak OP LLC, 4.00%, 06/01/2025^(b)			2,930,000			2,852,839
Ventas Realty L.P., 3.50%, 02/01/2025			3,864,000			3,719,104
Welltower OP LLC, 4.00%, 06/01/2025			8,117,000			7,871,699

						14,443,642

Hotel & Resort REITs-0.11%
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025			3,245,000			3,134,889

Hotels, Restaurants & Leisure-1.06%
Booking Holdings, Inc., 3.65%, 03/15/2025			3,250,000			3,169,102
Las Vegas Sands Corp., 2.90%, 06/25/2025			3,250,000			3,071,226

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		102

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Marriott International, Inc., Series EE, 5.75%, 05/01/2025	$	3,896,000	$	3,904,344
McDonald’s Corp.
3.38%, 05/26/2025		4,516,000		4,372,027
3.30%, 07/01/2025		4,838,000		4,675,748
1.45%, 09/01/2025		3,243,000		3,015,316
Starbucks Corp., 3.80%, 08/15/2025^(b)		8,116,000		7,896,813

				30,104,576

Household Durables-0.22%
DR Horton, Inc., 2.60%, 10/15/2025^(b)		3,244,000		3,049,146
Lennar Corp., 4.75%, 05/30/2025		3,250,000		3,192,963

				6,242,109

Household Products-0.32%
Colgate-Palmolive Co., 3.10%, 08/15/2025		3,249,000		3,133,914
Procter & Gamble Co. (The), 0.55%, 10/29/2025		6,490,000		5,914,820

				9,048,734

Industrial Conglomerates-0.66%
3M Co.
2.00%, 02/14/2025		4,869,000		4,627,556
2.65%, 04/15/2025^(b)		3,260,000		3,112,173
3.00%, 08/07/2025^(b)		3,565,000		3,421,880
Honeywell International, Inc., 1.35%, 06/01/2025^(b)		8,120,000		7,615,062

				18,776,671

Insurance-1.13%
Allstate Corp. (The), 0.75%, 12/15/2025		3,892,000		3,515,097
American International Group, Inc., 2.50%, 06/30/2025		6,526,000		6,182,447
Aon Global Ltd., 3.88%, 12/15/2025		4,873,000		4,714,914
Chubb INA Holdings, Inc., 3.15%, 03/15/2025		5,197,000		5,027,513
CNO Financial Group, Inc., 5.25%, 05/30/2025^(b)		3,243,000		3,177,639
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025		3,243,000		3,150,658
MetLife, Inc.
3.00%, 03/01/2025		3,250,000		3,137,514
3.60%, 11/13/2025^(b)		3,247,000		3,143,115

				32,048,897

Interactive Media & Services-0.21%
Alphabet, Inc., 0.45%, 08/15/2025		6,490,000		5,961,285

IT Services-0.48%
International Business Machines Corp.
4.00%, 07/27/2025		6,540,000		6,395,483
7.00%, 10/30/2025		3,879,000		4,016,049
VeriSign, Inc., 5.25%, 04/01/2025		3,250,000		3,227,800

				13,639,332

Life Sciences Tools & Services-0.22%
Danaher Corp., 3.35%, 09/15/2025^(b)		3,220,000		3,107,835
Illumina, Inc., 5.80%, 12/12/2025		3,250,000		3,250,012

				6,357,847


	Principal Amount		Value
Machinery-3.28%
Caterpillar Financial Services Corp.
4.90%, 01/17/2025^(b)	$	4,870,000	$	4,853,394
5.40%, 03/10/2025		3,900,000		3,913,167
3.40%, 05/13/2025^(b)		8,116,000		7,867,364
1.45%, 05/15/2025		3,890,000		3,649,925
5.15%, 08/11/2025		5,190,000		5,190,024
3.65%, 08/12/2025		5,191,000		5,044,976
0.80%, 11/13/2025^(b)		6,491,000		5,916,329
CNH Industrial Capital LLC, 3.95%, 05/23/2025^(b)		3,250,000		3,157,433
Cummins, Inc., 0.75%, 09/01/2025		3,245,000		2,972,661
Deere & Co., 2.75%, 04/15/2025		4,546,000		4,378,139
John Deere Capital Corp.
2.05%, 01/09/2025^(b)		3,566,000		3,422,719
1.25%, 01/10/2025^(b)		5,196,000		4,926,156
5.15%, 03/03/2025^(b)		3,250,000		3,250,596
3.45%, 03/13/2025^(b)		5,846,000		5,695,759
3.40%, 06/06/2025		6,496,000		6,300,538
4.95%, 06/06/2025		3,890,000		3,875,411
4.05%, 09/08/2025		4,866,000		4,770,672
Otis Worldwide Corp., 2.06%, 04/05/2025		8,440,000		8,002,005
Stanley Black & Decker, Inc., 2.30%, 02/24/2025		3,250,000		3,095,748
Wabtec Corp., 3.20%, 06/15/2025		3,250,000		3,103,060

				93,386,076

Media-1.86%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		29,171,000		28,670,833
Comcast Corp.
3.38%, 02/15/2025		2,737,000		2,666,973
3.38%, 08/15/2025		9,740,000		9,413,702
5.25%, 11/07/2025		4,905,000		4,913,464
Fox Corp., 3.05%, 04/07/2025		3,892,000		3,744,443
Paramount Global, 4.75%, 05/15/2025^(b)		3,603,000		3,533,333

				52,942,748

Metals & Mining-0.22%
Nucor Corp.
3.95%, 05/23/2025		3,248,000		3,160,464
2.00%, 06/01/2025		3,250,000		3,059,303

				6,219,767

Multi-Utilities-0.99%
Dominion Energy, Inc., 3.90%, 10/01/2025^(b)		4,868,000		4,708,214
DTE Energy Co., Series F, 1.05%, 06/01/2025		5,196,000		4,794,722
NiSource, Inc., 0.95%, 08/15/2025		8,110,000		7,439,738
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025^(b)		3,569,000		3,261,693
Sempra, 3.30%, 04/01/2025		4,869,000		4,693,761
WEC Energy Group, Inc., 5.00%, 09/27/2025		3,250,000		3,221,585

				28,119,713

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		103

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Office REITs-0.32%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025^(b)	$	3,872,000	$	3,739,232
Boston Properties L.P., 3.20%, 01/15/2025		5,519,000		5,295,862

				9,035,094

Oil, Gas & Consumable Fuels-7.89%
Canadian Natural Resources Ltd. (Canada)
3.90%, 02/01/2025^(b)		3,894,000		3,786,520
2.05%, 07/15/2025^(b)		3,894,000		3,650,561
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		9,680,000		9,652,680
Chevron Corp.
1.55%, 05/11/2025		16,230,000		15,275,532
3.33%, 11/17/2025^(b)		4,865,000		4,707,176
Chevron USA, Inc., 0.69%, 08/12/2025		4,865,000		4,480,135
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		6,480,000		6,326,744
DCP Midstream Operating L.P., 5.38%, 07/15/2025		5,390,000		5,341,354
Devon Energy Corp., 5.85%, 12/15/2025		3,150,000		3,168,410
Enbridge Energy Partners L.P., 5.88%, 10/15/2025		3,244,000		3,261,290
Enbridge, Inc. (Canada)
2.50%, 01/15/2025		3,243,000		3,108,158
2.50%, 02/14/2025		3,250,000		3,106,666
Energy Transfer L.P., 4.05%, 03/15/2025		6,490,000		6,320,830
Enterprise Products Operating LLC, 3.75%, 02/15/2025^(b)		7,469,000		7,269,398
EOG Resources, Inc., 3.15%, 04/01/2025		3,250,000		3,144,903
Equinor ASA (Norway), 2.88%, 04/06/2025		8,120,000		7,837,447
Exxon Mobil Corp.
2.71%, 03/06/2025^(b)		11,360,000		10,958,231
2.99%, 03/19/2025^(b)		17,850,000		17,289,447
Kinder Morgan, Inc., 4.30%, 06/01/2025		9,734,000		9,522,323
Marathon Petroleum Corp., 4.70%, 05/01/2025		8,112,000		7,974,967
MPLX L.P.
4.00%, 02/15/2025		3,242,000		3,159,358
4.88%, 06/01/2025		7,715,000		7,594,301
Occidental Petroleum Corp.
5.88%, 09/01/2025		3,910,000		3,904,761
5.50%, 12/01/2025^(b)		3,003,000		2,974,682
ONEOK Partners L.P., 4.90%, 03/15/2025		3,250,000		3,200,271
Ovintiv, Inc., 5.65%, 05/15/2025		3,900,000		3,891,324
Phillips 66, 3.85%, 04/09/2025		4,215,000		4,103,792
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025		6,491,000		6,334,181
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025		12,981,000		12,945,548
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		17,850,000		17,288,378


	Principal Amount			Value
Oil, Gas & Consumable Fuels-(continued)
Spectra Energy Partners L.P., 3.50%, 03/15/2025		$	3,250,000		$	3,137,548
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025			6,492,000			6,246,025
Western Midstream Operating L.P., 3.10%, 02/01/2025			4,374,000			4,192,910
Williams Cos., Inc. (The)
3.90%, 01/15/2025			4,865,000			4,746,724
4.00%, 09/15/2025			4,871,000			4,719,483

						224,622,058

Passenger Airlines-0.29%
Southwest Airlines Co., 5.25%, 05/04/2025			8,453,000			8,403,911

Personal Care Products-0.11%
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025^(b)			3,244,000			3,129,112

Pharmaceuticals-3.65%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025			12,981,000			12,480,935
Bristol-Myers Squibb Co., 0.75%, 11/13/2025			6,490,000			5,915,797
Eli Lilly and Co., 2.75%, 06/01/2025			3,635,000			3,494,641
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025^(b)			6,490,000			6,331,757
Haleon UK Capital PLC, 3.13%, 03/24/2025			9,080,000			8,738,601
Johnson & Johnson
2.63%, 01/15/2025			4,869,000			4,719,337
0.55%, 09/01/2025^(b)			6,496,000			5,949,459
Merck & Co., Inc., 2.75%, 02/10/2025^(b)			16,231,000			15,699,877
Novartis Capital Corp. (Switzerland)
1.75%, 02/14/2025^(b)			6,490,000			6,180,955
3.00%, 11/20/2025			11,364,000			10,873,999
Pfizer, Inc., 0.80%, 05/28/2025^(b)			4,864,000			4,515,044
Royalty Pharma PLC, 1.20%, 09/02/2025			6,491,000			5,915,417
Viatris, Inc., 1.65%, 06/22/2025			4,872,000			4,511,972
Zoetis, Inc.
4.50%, 11/13/2025			4,865,000			4,795,063
5.40%, 11/14/2025			3,893,000			3,895,351

						104,018,205

Professional Services-0.42%
Automatic Data Processing, Inc., 3.38%, 09/15/2025			6,490,000			6,282,284
Verisk Analytics, Inc., 4.00%, 06/15/2025^(b)			5,840,000			5,682,531

						11,964,815

Residential REITs-0.23%
AvalonBay Communities, Inc., 3.45%, 06/01/2025			3,409,000			3,299,795
Essex Portfolio L.P., 3.50%, 04/01/2025.			3,250,000			3,142,367

						6,442,162

Retail REITs-0.84%
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025			4,520,000			4,362,974

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		104

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Retail REITs-(continued)
Kimco Realty OP LLC, 3.30%, 02/01/2025	$	3,243,000	$	3,125,694
Realty Income Corp.
3.88%, 04/15/2025		3,245,000		3,161,282
4.63%, 11/01/2025		3,530,000		3,475,319
Simon Property Group L.P., 3.50%, 09/01/2025		7,140,000		6,882,559
SITE Centers Corp., 3.63%, 02/01/2025^(b)		2,970,000		2,827,654

				23,835,482

Semiconductors & Semiconductor Equipment-1.94%
Applied Materials, Inc., 3.90%, 10/01/2025^(b)		4,539,000		4,427,650
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025		3,212,000		3,100,792
Intel Corp.
3.40%, 03/25/2025^(b)		9,740,000		9,462,941
3.70%, 07/29/2025		14,604,000		14,199,218
Lam Research Corp., 3.80%, 03/15/2025		3,250,000		3,173,715
Microchip Technology, Inc., 4.25%, 09/01/2025		7,791,000		7,585,059
QUALCOMM, Inc., 3.45%, 05/20/2025		8,859,000		8,610,145
Texas Instruments, Inc., 1.38%, 03/12/2025^(b)		4,867,000		4,595,491

				55,155,011

Software-3.44%
Adobe, Inc.
1.90%, 02/01/2025		3,250,000		3,105,572
3.25%, 02/01/2025		6,488,000		6,319,950
Intuit, Inc., 0.95%, 07/15/2025		3,247,000		3,002,949
Microsoft Corp.
2.70%, 02/12/2025^(b)		14,611,000		14,137,004
3.13%, 11/03/2025^(b)		19,480,000		18,805,345
Oracle Corp.
2.50%, 04/01/2025		22,728,000		21,652,205
2.95%, 05/15/2025		16,232,000		15,552,685
5.80%, 11/10/2025		6,491,000		6,557,008
Roper Technologies, Inc., 1.00%, 09/15/2025		4,544,000		4,163,916
VMware, Inc., 4.50%, 05/15/2025^(b)		4,872,000		4,773,554

				98,070,188

Specialized REITs-0.88%
American Tower Corp.
2.40%, 03/15/2025		4,865,000		4,620,869
4.00%, 06/01/2025		4,868,000		4,724,504
1.30%, 09/15/2025^(b)		3,250,000		2,983,270
Crown Castle, Inc., 1.35%, 07/15/2025^(b)		3,249,000		3,001,746
Equinix, Inc., 1.00%, 09/15/2025^(b)		4,548,000		4,150,484
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025		5,550,000		5,455,302

				24,936,175

Specialty Retail-1.66%
AutoZone, Inc., 3.63%, 04/15/2025		3,246,000		3,150,578


	Principal Amount		Value
Specialty Retail-(continued)
Dell International LLC/EMC Corp., 5.85%, 07/15/2025	$	6,513,000	$	6,525,137
Home Depot, Inc. (The)
2.70%, 04/15/2025^(b)		3,250,000		3,123,394
3.35%, 09/15/2025		6,495,000		6,275,201
4.00%, 09/15/2025		4,869,000		4,770,253
Leidos, Inc., 3.63%, 05/15/2025^(b)		3,230,000		3,114,505
Lowe’s Cos., Inc.
4.00%, 04/15/2025^(b)		4,870,000		4,762,092
4.40%, 09/08/2025		6,490,000		6,375,620
3.38%, 09/15/2025		4,865,000		4,671,337
Ross Stores, Inc., 4.60%, 04/15/2025		4,520,000		4,444,011

				47,212,128

Technology Hardware, Storage & Peripherals-2.57%
Apple, Inc.
2.75%, 01/13/2025^(b)		9,741,000		9,442,416
2.50%, 02/09/2025^(b)		9,740,000		9,393,695
1.13%, 05/11/2025		14,607,000		13,667,516
3.20%, 05/13/2025		12,981,000		12,597,739
0.55%, 08/20/2025^(b)		8,111,000		7,456,014
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		16,186,000		15,979,207
NetApp, Inc., 1.88%, 06/22/2025		4,899,000		4,594,289

				73,130,876

Textiles, Apparel & Luxury Goods-0.38%
NIKE, Inc., 2.40%, 03/27/2025		6,490,000		6,213,350
VF Corp., 2.40%, 04/23/2025		4,864,927		4,588,991

				10,802,341

Tobacco-1.21%
Altria Group, Inc., 2.35%, 05/06/2025^(b).		4,865,000		4,608,961
Philip Morris International, Inc.
1.50%, 05/01/2025		4,865,000		4,568,637
3.38%, 08/11/2025^(b)		4,870,000		4,698,117
5.00%, 11/17/2025		4,867,000		4,841,149
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025		16,130,000		15,789,456

				34,506,320

Trading Companies & Distributors-0.61%
Air Lease Corp.
2.30%, 02/01/2025^(b)		4,866,000		4,608,670
3.25%, 03/01/2025		4,546,000		4,353,849
3.38%, 07/01/2025		5,516,000		5,260,425
WW Grainger, Inc., 1.85%, 02/15/2025		3,250,000		3,090,340

				17,313,284

Water Utilities-0.12%
American Water Capital Corp., 3.40%, 03/01/2025^(b)		3,477,000		3,371,700

Wireless Telecommunication Services-0.88%
Rogers Communications, Inc. (Canada)
2.95%, 03/15/2025		1,360,000		1,299,147
3.63%, 12/15/2025		4,538,000		4,323,908

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		105

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2023


	Principal Amount		Value
Wireless Telecommunication Services-(continued)
Sprint LLC, 7.63%, 02/15/2025	$	9,740,000	$	9,940,449
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025		9,740,000		9,523,706

				25,087,210

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,911,928,101)				2,819,432,293

	Shares
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $96,692)		96,692		96,692

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.04% (Cost $2,912,024,793)				2,819,528,985


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-8.62%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		68,301,916	$	68,301,916
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		177,073,153		177,073,153

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $245,367,690)				245,375,069

TOTAL INVESTMENTS IN SECURITIES-107.66% (Cost $3,157,392,483)				3,064,904,054
OTHER ASSETS LESS LIABILITIES-(7.66)%				(217,984,572	)

NET ASSETS-100.00%			$	2,846,919,482

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 6,647,174		$	101,846,354		$	(108,396,836	)		$	-		$	-			$	96,692		$	276,883

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		40,188,628			371,224,585			(343,111,297	)			-			-				68,301,916			2,930,873	*

Invesco Private Prime Fund		103,342,189			816,937,049			(743,181,201	)			2,318			(27,202	)			177,073,153			7,860,702	*


Total		$150,177,991		$	1,290,007,988		$	(1,194,689,334	)		$	2,318		$	(27,202	)		$	245,471,761		$	11,068,458

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		106

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.10%
Aerospace & Defense-2.28%
Boeing Co. (The)
2.75%, 02/01/2026^(b)	$	6,667,000	$	6,260,577
2.20%, 02/04/2026		26,172,000		24,157,322
General Dynamics Corp.
1.15%, 06/01/2026		2,435,000		2,200,638
2.13%, 08/15/2026^(b)		2,414,000		2,231,668
Lockheed Martin Corp., 3.55%, 01/15/2026		4,869,000		4,714,688
RTX Corp.
5.00%, 02/27/2026		2,435,000		2,425,237
2.65%, 11/01/2026		3,476,000		3,228,522

				45,218,652

Air Freight & Logistics-0.28%
FedEx Corp., 3.25%, 04/01/2026^(b)		3,582,000		3,422,941
United Parcel Service, Inc., 2.40%, 11/15/2026		2,389,000		2,225,956

				5,648,897

Automobile Components-0.62%
American Honda Finance Corp.
4.75%, 01/12/2026		2,365,000		2,342,375
5.25%, 07/07/2026^(b)		4,520,000		4,528,957
1.30%, 09/09/2026		3,647,000		3,257,439
2.30%, 09/09/2026		2,375,000		2,183,926

				12,312,697

Automobiles-1.13%
PACCAR Financial Corp., 4.45%, 03/30/2026		2,430,000		2,410,124
Toyota Motor Corp. (Japan)
1.34%, 03/25/2026		4,869,000		4,437,110
5.28%, 07/13/2026		2,380,000		2,393,032
Toyota Motor Credit Corp.
0.80%, 01/09/2026		3,409,000		3,091,480
4.45%, 05/18/2026^(b)		5,737,000		5,659,683
1.13%, 06/18/2026^(b)		4,826,000		4,343,594

				22,335,023

Banks-18.44%
Bank of America Corp.
4.45%, 03/03/2026		9,656,000		9,391,999
3.50%, 04/19/2026		11,914,000		11,333,339
4.25%, 10/22/2026		9,519,000		9,144,956
Bank of Montreal (Canada), 5.30%, 06/05/2026^(b)		6,400,000		6,380,382
Bank of Nova Scotia (The) (Canada)
4.75%, 02/02/2026^(b)		5,920,000		5,818,900
1.05%, 03/02/2026^(b)		4,581,000		4,112,139
1.35%, 06/24/2026^(b)		3,567,000		3,187,982
1.30%, 09/15/2026^(b)		4,282,000		3,796,979
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		9,920,000		9,629,091
BPCE S.A. (France), 3.38%, 12/02/2026^(b)		2,860,000		2,666,506


	Principal Amount		Value
Banks-(continued)
Citigroup, Inc.
3.70%, 01/12/2026	$	9,549,000	$	9,159,493
4.60%, 03/09/2026^(b)		7,204,000		7,015,753
3.40%, 05/01/2026		9,661,000		9,143,710
3.20%, 10/21/2026		14,548,000		13,572,468
4.30%, 11/20/2026		4,755,000		4,570,481
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026^(b)		7,030,000		6,601,684
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026		7,410,000		6,494,075
Fifth Third Bank N.A., 3.85%, 03/15/2026		3,625,000		3,384,009
HSBC Holdings PLC (United Kingdom)
4.30%, 03/08/2026		14,458,000		13,979,519
4.38%, 11/23/2026^(b)		7,267,000		6,928,778
JPMorgan Chase & Co.
3.30%, 04/01/2026		11,894,000		11,308,254
3.20%, 06/15/2026		8,331,000		7,898,553
2.95%, 10/01/2026		14,358,000		13,420,386
7.63%, 10/15/2026		2,398,000		2,550,213
4.13%, 12/15/2026^(b)		9,520,000		9,165,483
KeyBank N.A.
4.70%, 01/26/2026^(b)		2,500,000		2,379,245
3.40%, 05/20/2026		2,860,000		2,551,395
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		7,090,000		6,847,590
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026^(b)		6,220,000		5,956,000
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.85%, 03/01/2026		11,485,000		11,032,401
2.76%, 09/13/2026		4,690,000		4,325,724
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026		4,850,000		4,469,660
Morgan Stanley Bank N.A., 4.75%, 04/21/2026		7,270,000		7,177,631
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026		7,060,000		6,876,720
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026		3,409,000		3,026,217
Royal Bank of Canada (Canada)
4.88%, 01/12/2026^(b)		4,869,000		4,813,689
1.15%, 07/14/2026^(b)		3,570,000		3,178,148
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 01/12/2026		4,690,000		4,217,144
5.46%, 01/13/2026		8,540,000		8,517,960
3.78%, 03/09/2026^(b)		7,138,000		6,844,286
5.88%, 07/13/2026^(b)		4,000,000		4,032,875
2.63%, 07/14/2026		10,706,000		9,887,290
1.40%, 09/17/2026		9,645,000		8,538,440
3.01%, 10/19/2026^(b)		7,134,000		6,619,898
Toronto-Dominion Bank (The) (Canada), 5.10%, 01/09/2026^(b)		3,572,000		3,546,441
Truist Bank
3.30%, 05/15/2026		3,620,000		3,366,509
3.80%, 10/30/2026		3,990,000		3,688,837

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		107

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Banks-(continued)
U.S. Bancorp
Series V, 2.38%, 07/22/2026^(b)	$	6,565,000	$	6,054,647
Series W, 3.10%, 04/27/2026^(b)		4,781,000		4,488,553
Wells Fargo & Co.
3.00%, 04/22/2026		17,043,000		15,980,733
4.10%, 06/03/2026		11,596,000		11,127,928
3.00%, 10/23/2026		16,583,000		15,365,253

				365,566,346

Beverages-1.23%
Constellation Brands, Inc.
5.00%, 02/02/2026^(b)		2,375,000		2,346,178
3.70%, 12/06/2026^(b)		2,858,000		2,724,527
Molson Coors Beverage Co., 3.00%, 07/15/2026		9,529,000		8,931,426
PepsiCo, Inc.
4.55%, 02/13/2026		2,427,000		2,415,410
2.85%, 02/24/2026		3,552,000		3,384,279
2.38%, 10/06/2026^(b)		4,869,000		4,564,945

				24,366,765

Biotechnology-3.32%
AbbVie, Inc.
3.20%, 05/14/2026^(b)		9,479,000		9,013,606
2.95%, 11/21/2026		18,903,000		17,701,261
Amgen, Inc.
5.51%, 03/02/2026		7,144,000		7,145,344
2.60%, 08/19/2026		6,078,000		5,652,569
Gilead Sciences, Inc., 3.65%, 03/01/2026		13,306,000		12,805,128
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		14,318,000		13,452,406

				65,770,314

Broadline Retail-0.77%
Amazon.com, Inc., 1.00%, 05/12/2026^(b)		13,191,000		11,926,683
eBay, Inc., 1.40%, 05/10/2026		3,620,000		3,264,917

				15,191,600

Building Products-0.12%
Johnson Controls International PLC, 3.90%, 02/14/2026^(b)		2,369,000		2,284,697

Capital Markets-6.80%
Ameriprise Financial, Inc., 2.88%, 09/15/2026^(b)		2,365,000		2,213,968
Ares Capital Corp.
3.88%, 01/15/2026		5,550,000		5,196,062
2.15%, 07/15/2026^(b)		4,765,000		4,191,626
Bank of New York Mellon Corp. (The)
0.75%, 01/28/2026^(b)		3,379,000		3,052,885
2.80%, 05/04/2026		3,651,000		3,431,480
2.45%, 08/17/2026		3,572,000		3,308,363
1.05%, 10/15/2026		2,357,000		2,073,679
Blackstone Secured Lending Fund
3.63%, 01/15/2026		3,804,000		3,527,190
2.75%, 09/16/2026		3,325,000		2,933,438
Blue Owl Capital Corp.
4.25%, 01/15/2026		2,377,000		2,228,511
3.40%, 07/15/2026		4,760,000		4,291,489


	Principal Amount		Value
Capital Markets-(continued)
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026^(b)	$	2,410,000	$	2,320,356
Charles Schwab Corp. (The)
0.90%, 03/11/2026^(b)		6,000,000		5,361,707
1.15%, 05/13/2026^(b)		4,869,000		4,336,939
Deutsche Bank AG (Germany), 1.69%, 03/19/2026^(b)		3,750,000		3,408,377
FS KKR Capital Corp., 3.40%, 01/15/2026		4,763,000		4,372,135
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		2,380,000		2,213,342
Goldman Sachs Group, Inc. (The)
3.75%, 02/25/2026^(b)		8,331,000		7,994,587
3.50%, 11/16/2026		13,098,000		12,315,051
Morgan Stanley
3.88%, 01/27/2026		14,532,000		13,993,411
3.13%, 07/27/2026^(b)		14,318,000		13,403,516
6.25%, 08/09/2026^(b)		3,455,000		3,532,648
4.35%, 09/08/2026		10,865,000		10,466,303
Nasdaq, Inc., 3.85%, 06/30/2026^(b)		2,435,000		2,344,786
Nomura Holdings, Inc. (Japan)
5.71%, 01/09/2026		2,900,000		2,884,231
1.65%, 07/14/2026^(b)		6,000,000		5,321,357
State Street Corp., 2.65%, 05/19/2026^(b)		3,567,000		3,360,377
UBS Group AG (Switzerland), 4.55%, 04/17/2026		700,000		677,645

				134,755,459

Chemicals-1.04%
Ecolab, Inc., 2.70%, 11/01/2026		3,572,000		3,346,596
EIDP, Inc., 4.50%, 05/15/2026^(b)		2,852,000		2,797,782
FMC Corp.
5.15%, 05/18/2026^(b)		2,340,000		2,319,077
3.20%, 10/01/2026		2,435,000		2,256,347
Linde, Inc., 3.20%, 01/30/2026		3,430,000		3,303,364
PPG Industries, Inc., 1.20%, 03/15/2026		3,409,000		3,077,008
Westlake Corp., 3.60%, 08/15/2026		3,620,000		3,434,374

				20,534,548

Commercial Services & Supplies-0.11%
Republic Services, Inc., 2.90%, 07/01/2026^(b)		2,415,000		2,271,401

Communications Equipment-0.68%
Cisco Systems, Inc.
2.95%, 02/28/2026^(b)		3,617,000		3,471,116
2.50%, 09/20/2026^(b)		7,104,000		6,655,465
Hughes Satellite Systems Corp., 5.25%, 08/01/2026^(b)		3,552,000		3,268,924

				13,395,505

Consumer Finance-2.66%
American Express Co.
4.90%, 02/13/2026		5,710,000		5,638,157
1.65%, 11/04/2026		5,236,000		4,673,476
Capital One Financial Corp., 3.75%, 07/28/2026		7,304,000		6,832,721
Discover Bank, 3.45%, 07/27/2026		4,790,000		4,388,459

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		108

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.
1.25%, 01/08/2026	$	7,304,000	$	6,575,834
5.25%, 03/01/2026		5,917,000		5,829,204
5.40%, 04/06/2026^(b)		7,932,000		7,837,279
1.50%, 06/10/2026		6,087,000		5,406,444
4.00%, 10/06/2026		3,652,000		3,454,279
Synchrony Financial, 3.70%, 08/04/2026		2,369,000		2,158,385

				52,794,238

Consumer Staples Distribution & Retail-1.52%
Kroger Co. (The)
3.50%, 02/01/2026		2,435,000		2,325,972
2.65%, 10/15/2026^(b)		3,652,000		3,379,590
Sysco Corp., 3.30%, 07/15/2026		4,739,000		4,499,123
Target Corp., 2.50%, 04/15/2026		4,740,000		4,491,305
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026^(b)		6,860,000		6,482,164
Walmart, Inc.
4.00%, 04/15/2026		3,652,000		3,586,433
1.05%, 09/17/2026^(b)		6,087,000		5,458,440

				30,223,027

Containers & Packaging-0.34%
Berry Global, Inc., 1.57%, 01/15/2026^(b)		7,426,000		6,756,586

Diversified Telecommunication Services-1.93%
AT&T, Inc.
5.54%, 02/20/2026		8,450,000		8,440,200
1.70%, 03/25/2026		14,298,000		13,037,039
Verizon Communications, Inc.
1.45%, 03/20/2026^(b)		9,325,000		8,461,846
2.63%, 08/15/2026		8,858,000		8,250,887

				38,189,972

Electric Utilities-3.39%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		2,533,000		2,380,539
Commonwealth Edison Co., 2.55%, 06/15/2026^(b)		2,416,000		2,259,264
Duke Energy Carolinas LLC, 2.95%, 12/01/2026^(b)		2,922,000		2,752,468
Duke Energy Corp., 2.65%, 09/01/2026		7,282,000		6,740,306
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026		3,652,000		3,456,713
Entergy Arkansas LLC, 3.50%, 04/01/2026		2,907,000		2,789,425
Entergy Corp., 2.95%, 09/01/2026		3,552,000		3,301,856
Exelon Corp., 3.40%, 04/15/2026		3,556,000		3,384,028
Florida Power & Light Co., 4.45%, 05/15/2026		2,150,000		2,117,189
Fortis, Inc. (Canada), 3.06%, 10/04/2026		5,355,000		4,969,731
National Rural Utilities Cooperative Finance Corp.
4.45%, 03/13/2026^(b)		2,922,000		2,871,398
1.00%, 06/15/2026		2,902,000		2,595,675
Pacific Gas and Electric Co., 3.15%, 01/01/2026		9,252,775		8,627,867
PPL Capital Funding, Inc., 3.10%, 05/15/2026^(b)		3,165,000		2,988,544


	Principal Amount		Value
Electric Utilities-(continued)
Southern Co. (The), 3.25%, 07/01/2026	$	8,521,000	$	8,064,500
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		2,375,000		2,161,886
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		3,652,000		3,476,447
Xcel Energy, Inc., 3.35%, 12/01/2026		2,373,000		2,223,743

				67,161,579

Electrical Equipment-0.16%
Emerson Electric Co., 0.88%, 10/15/2026^(b)		3,647,000		3,230,620

Electronic Equipment, Instruments & Components-0.83%
Avnet, Inc., 4.63%, 04/15/2026^(b)		2,610,000		2,529,506
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026		4,737,000		4,301,293
Jabil, Inc., 1.70%, 04/15/2026		2,385,000		2,153,631
TD SYNNEX Corp., 1.75%, 08/09/2026		3,309,000		2,919,203
Tyco Electronics Group S.A., 4.50%, 02/13/2026		2,430,000		2,390,983
Vontier Corp., 1.80%, 04/01/2026		2,435,000		2,189,196

				16,483,812

Energy Equipment & Services-0.13%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026^(b)		2,852,000		2,581,253

Entertainment-1.35%
Activision Blizzard, Inc., 3.40%, 09/15/2026		4,059,000		3,880,128
Netflix, Inc., 4.38%, 11/15/2026^(b)		4,869,000		4,735,762
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026^(b)		2,385,000		2,359,991
TWDC Enterprises 18 Corp.
3.00%, 02/13/2026		4,819,000		4,590,537
1.85%, 07/30/2026^(b)		4,739,000		4,342,239
Walt Disney Co. (The), 1.75%, 01/13/2026^(b)		7,299,000		6,759,523

				26,668,180

Financial Services-3.69%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.75%, 01/30/2026		4,825,000		4,369,996
2.45%, 10/29/2026		17,830,000		16,052,637
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		12,074,000		11,582,039
Blackstone Private Credit Fund, 2.63%, 12/15/2026^(b)		5,900,000		5,079,492
Fidelity National Information Services, Inc., 1.15%, 03/01/2026^(b)		5,957,000		5,363,908
Fiserv, Inc., 3.20%, 07/01/2026		9,529,000		8,987,328
Global Payments, Inc.
1.20%, 03/01/2026^(b)		5,206,000		4,659,945
4.80%, 04/01/2026		3,572,000		3,494,302
Mastercard, Inc., 2.95%, 11/21/2026		3,652,000		3,444,294
PayPal Holdings, Inc., 2.65%, 10/01/2026		5,920,000		5,514,692

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		109

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Financial Services-(continued)
Voya Financial, Inc., 3.65%, 06/15/2026^(b)	$	2,130,000	$	2,012,834
Western Union Co. (The), 1.35%, 03/15/2026		2,847,000		2,550,383

				73,111,850

Food Products-1.32%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026^(b)		4,739,000		4,450,389
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		3,316,000		3,124,746
Hershey Co. (The), 2.30%, 08/15/2026^(b)		2,385,000		2,234,591
Ingredion, Inc., 3.20%, 10/01/2026		2,360,000		2,229,544
Kellogg Co., 3.25%, 04/01/2026		3,652,000		3,475,862
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026		8,977,000		8,465,133
McCormick & Co., Inc., 0.90%, 02/15/2026		2,385,000		2,148,211

				26,128,476

Gas Utilities-0.23%
National Fuel Gas Co., 5.50%, 01/15/2026		2,435,000		2,414,091
Southern California Gas Co., Series TT, 2.60%, 06/15/2026		2,390,000		2,230,614

				4,644,705

Ground Transportation-0.90%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026		2,375,000		2,244,843
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026^(b)		4,865,000		4,374,881
CSX Corp., 2.60%, 11/01/2026		3,329,000		3,083,792
Norfolk Southern Corp., 2.90%, 06/15/2026		2,860,000		2,696,592
Union Pacific Corp.
4.75%, 02/21/2026		2,430,000		2,418,882
2.75%, 03/01/2026		3,095,000		2,928,711

				17,747,701

Health Care Equipment & Supplies-0.79%
Abbott Laboratories, 3.75%, 11/30/2026^(b)		8,058,000		7,812,105
Baxter International, Inc., 2.60%, 08/15/2026		3,552,000		3,280,990
Stryker Corp., 3.50%, 03/15/2026		4,757,000		4,569,980

				15,663,075

Health Care Providers & Services-3.61%
Cigna Group (The)
4.50%, 02/25/2026		5,871,000		5,754,822
1.25%, 03/15/2026^(b)		3,786,000		3,422,194
CVS Health Corp.
5.00%, 02/20/2026		7,134,000		7,082,217
2.88%, 06/01/2026^(b)		8,353,000		7,827,566
Elevance Health, Inc.
4.90%, 02/08/2026		2,375,000		2,345,686
1.50%, 03/15/2026		3,550,000		3,226,184


	Principal Amount		Value
Health Care Providers & Services-(continued)
HCA, Inc.
5.88%, 02/15/2026	$	7,134,000	$	7,148,707
5.25%, 06/15/2026^(b)		7,134,000		7,048,612
5.38%, 09/01/2026		4,759,000		4,725,774
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026		2,435,000		2,191,916
McKesson Corp.
5.25%, 02/15/2026		2,385,000		2,377,364
1.30%, 08/15/2026^(b)		2,385,000		2,140,149
Quest Diagnostics, Inc., 3.45%, 06/01/2026		2,419,000		2,309,335
UnitedHealth Group, Inc.
1.25%, 01/15/2026^(b)		2,385,000		2,183,104
3.10%, 03/15/2026		4,759,000		4,547,692
1.15%, 05/15/2026		4,769,000		4,316,075
Universal Health Services, Inc., 1.65%, 09/01/2026		3,338,000		2,966,122

				71,613,519

Health Care REITs-0.68%
Healthpeak OP LLC, 3.25%, 07/15/2026^(b)		3,104,000		2,938,102
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026^(b)		2,857,000		2,811,762
Sabra Health Care L.P., 5.13%, 08/15/2026		2,365,000		2,289,586
Ventas Realty L.P., 4.13%, 01/15/2026		2,375,000		2,285,962
Welltower OP LLC, 4.25%, 04/01/2026		3,319,000		3,214,949

				13,540,361

Hotels, Restaurants & Leisure-1.35%
Booking Holdings, Inc., 3.60%, 06/01/2026		4,864,000		4,681,743
Expedia Group, Inc., 5.00%, 02/15/2026		3,551,000		3,511,893
Marriott International, Inc., Series R, 3.13%, 06/15/2026		3,652,000		3,433,193
McDonald’s Corp., 3.70%, 01/30/2026		8,521,000		8,245,274
Starbucks Corp.
4.75%, 02/15/2026		4,760,000		4,719,852
2.45%, 06/15/2026		2,435,000		2,274,366

				26,866,321

Household Durables-0.25%
DR Horton, Inc., 1.30%, 10/15/2026		2,922,000		2,577,973
PulteGroup, Inc., 5.50%, 03/01/2026		2,375,000		2,371,022

				4,948,995

Household Products-0.84%
Colgate-Palmolive Co., 4.80%, 03/02/2026		2,375,000		2,378,312
Procter & Gamble Co. (The)
4.10%, 01/26/2026^(b)		3,115,000		3,073,685
2.70%, 02/02/2026		2,922,000		2,785,925
1.00%, 04/23/2026		4,869,000		4,430,183
2.45%, 11/03/2026^(b)		4,176,000		3,911,682

				16,579,787

Independent Power and Renewable Electricity Producers-0.18%
AES Corp. (The), 1.38%, 01/15/2026		3,886,000		3,498,134

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		110

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Industrial Conglomerates-0.48%
3M Co., 2.25%, 09/19/2026^(b)	$	3,083,000	$	2,839,339
Honeywell International, Inc., 2.50%, 11/01/2026		7,105,000		6,634,538

				9,473,877

Insurance-1.73%
Allstate Corp. (The), 3.28%, 12/15/2026		2,617,000		2,474,760
American International Group, Inc., 3.90%, 04/01/2026		3,572,000		3,449,765
Arch Capital Finance LLC, 4.01%, 12/15/2026		2,382,000		2,274,862
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		7,104,000		6,813,033
CNA Financial Corp., 4.50%, 03/01/2026		2,435,000		2,374,881
Loews Corp., 3.75%, 04/01/2026		2,357,000		2,270,861
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		4,756,000		4,622,715
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		2,862,000		2,767,018
Old Republic International Corp., 3.88%, 08/26/2026		2,633,000		2,503,935
Prudential Financial, Inc., 1.50%, 03/10/2026^(b)		2,412,000		2,210,664
Trinity Acquisition PLC, 4.40%, 03/15/2026		2,620,000		2,532,341

				34,294,835

Interactive Media & Services-0.45%
Alphabet, Inc., 2.00%, 08/15/2026^(b)		9,589,000		8,877,266

IT Services-0.93%
CGI, Inc. (Canada), 1.45%, 09/14/2026		2,840,000		2,513,471
DXC Technology Co., 1.80%, 09/15/2026		3,409,000		2,997,326
International Business Machines Corp.
4.50%, 02/06/2026^(b)		4,050,000		3,988,236
3.45%, 02/19/2026		6,500,000		6,237,226
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		3,150,000		2,774,083

				18,510,342

Leisure Products-0.15%
Hasbro, Inc., 3.55%, 11/19/2026^(b)		3,221,000		3,027,331

Life Sciences Tools & Services-0.07%
Thermo Fisher Scientific, Inc., 4.95%, 08/10/2026		1,300,000		1,295,199

Machinery-2.71%
Caterpillar Financial Services Corp.
4.80%, 01/06/2026^(b)		4,382,000		4,363,100
0.90%, 03/02/2026^(b)		3,651,000		3,305,130
4.35%, 05/15/2026		5,917,000		5,826,286
1.15%, 09/14/2026^(b)		2,434,000		2,176,809
CNH Industrial Capital LLC
1.88%, 01/15/2026		2,365,000		2,173,620
1.45%, 07/15/2026		2,885,000		2,582,193
Fortive Corp., 3.15%, 06/15/2026		4,285,000		4,028,539
Illinois Tool Works, Inc., 2.65%, 11/15/2026^(b)		4,869,000		4,562,058


	Principal Amount		Value
Machinery-(continued)
John Deere Capital Corp.
4.80%, 01/09/2026	$	5,843,000	$	5,812,663
0.70%, 01/15/2026^(b)		4,382,000		3,968,933
5.05%, 03/03/2026^(b)		2,678,000		2,681,546
4.75%, 06/08/2026^(b)		1,950,000		1,940,969
2.65%, 06/10/2026		2,410,000		2,264,327
1.05%, 06/17/2026		2,658,000		2,391,186
Wabtec Corp., 3.45%, 11/15/2026^(b)		3,623,000		3,407,808
Xylem, Inc., 3.25%, 11/01/2026^(b)		2,364,000		2,225,563

				53,710,730

Media-1.19%
Comcast Corp., 3.15%, 03/01/2026^(b)		10,708,000		10,229,480
Discovery Communications LLC, 4.90%, 03/11/2026		3,339,000		3,282,627
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		6,637,000		6,353,382
Paramount Global, 4.00%, 01/15/2026		3,896,000		3,742,321

				23,607,810

Multi-Utilities-0.85%
CenterPoint Energy, Inc., 1.45%, 06/01/2026		2,416,000		2,173,255
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026		2,743,000		2,476,020
DTE Energy Co., 2.85%, 10/01/2026		2,922,000		2,706,757
San Diego Gas & Electric Co., 2.50%, 05/15/2026		2,435,000		2,269,099
Sempra, 5.40%, 08/01/2026		2,620,000		2,626,132
WEC Energy Group, Inc., 4.75%, 01/09/2026		4,739,000		4,676,667

				16,927,930

Office REITs-0.44%
Boston Properties L.P.
3.65%, 02/01/2026		4,739,000		4,467,884
2.75%, 10/01/2026		4,778,000		4,312,123

				8,780,007

Oil, Gas & Consumable Fuels-6.80%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		2,628,000		2,634,187
Chevron Corp., 2.95%, 05/16/2026		10,656,000		10,158,893
Diamondback Energy, Inc., 3.25%, 12/01/2026^(b)		3,568,000		3,358,071
Enbridge, Inc. (Canada)
1.60%, 10/04/2026		2,381,000		2,136,390
4.25%, 12/01/2026		3,570,000		3,447,785
Energy Transfer L.P.
4.75%, 01/15/2026		4,759,000		4,662,091
3.90%, 07/15/2026		2,618,000		2,504,053
Enterprise Products Operating LLC
5.05%, 01/10/2026		3,574,000		3,558,224
3.70%, 02/15/2026^(b)		4,162,000		4,016,027
EOG Resources, Inc., 4.15%, 01/15/2026^(b)		3,572,000		3,498,954
Equinor ASA (Norway), 1.75%, 01/22/2026^(b)		3,652,000		3,387,683

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		111

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Exxon Mobil Corp.
3.04%, 03/01/2026	$	11,914,000	$	11,386,304
2.28%, 08/16/2026^(b)		4,869,000		4,537,046
HF Sinclair Corp., 5.88%, 04/01/2026^(b)		3,785,000		3,804,588
Kinder Morgan, Inc., 1.75%, 11/15/2026^(b)		2,378,000		2,127,968
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		3,124,000		3,088,036
MPLX L.P., 1.75%, 03/01/2026		7,134,000		6,500,080
Occidental Petroleum Corp., 5.55%, 03/15/2026^(b)		4,058,000		4,027,727
ONEOK, Inc., 5.85%, 01/15/2026		2,862,000		2,879,029
Ovintiv, Inc., 5.38%, 01/01/2026		2,186,000		2,170,783
Phillips 66, 1.30%, 02/15/2026		2,392,000		2,172,964
Pioneer Natural Resources Co.
1.13%, 01/15/2026		3,572,000		3,240,251
5.10%, 03/29/2026		5,206,000		5,167,156
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026		3,568,000		3,452,015
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		7,134,000		7,168,576
Shell International Finance B.V. (Netherlands)
2.88%, 05/10/2026^(b)		8,521,000		8,083,432
2.50%, 09/12/2026		4,869,000		4,531,212
Spectra Energy Partners L.P., 3.38%, 10/15/2026		2,853,000		2,687,998
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026^(b)		4,049,000		4,000,806
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		4,759,000		4,976,460
Valero Energy Corp., 3.40%, 09/15/2026		2,025,000		1,919,173
Williams Cos., Inc. (The), 5.40%, 03/02/2026		3,572,000		3,567,449

				134,851,411

Passenger Airlines-0.21%
Delta Air Lines, Inc., 7.38%, 01/15/2026^(b)		4,115,000		4,237,905

Personal Care Products-0.15%
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026		3,283,000		3,041,509

Pharmaceuticals-2.39%
AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026^(b)		5,957,000		5,379,197
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		5,683,000		5,092,345
Johnson & Johnson, 2.45%, 03/01/2026^(b)		9,479,000		8,946,404
Merck & Co., Inc., 0.75%, 02/24/2026		4,739,000		4,293,357
Pfizer, Inc.
2.75%, 06/03/2026		5,927,000		5,595,586
3.00%, 12/15/2026^(b)		8,290,000		7,847,369
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		10,860,000		10,268,564

				47,422,822


	Principal Amount		Value
Professional Services-0.23%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026	$	2,417,000	$	2,287,014
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026		2,365,000		2,247,327

				4,534,341

Real Estate Management & Development-0.14%
CBRE Services, Inc., 4.88%, 03/01/2026^(b)		2,842,000		2,781,284

Residential REITs-0.11%
ERP Operating L.P., 2.85%, 11/01/2026.		2,375,000		2,216,781

Retail REITs-1.02%
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		2,863,000		2,719,093
Kimco Realty OP LLC, 2.80%, 10/01/2026^(b)		2,375,000		2,186,722
Realty Income Corp.
5.05%, 01/13/2026		2,380,000		2,369,706
4.88%, 06/01/2026^(b)		2,841,000		2,808,406
4.13%, 10/15/2026^(b)		3,095,000		2,993,069
Simon Property Group L.P.
3.30%, 01/15/2026		3,896,000		3,716,590
3.25%, 11/30/2026		3,552,000		3,332,893

				20,126,479

Semiconductors & Semiconductor Equipment-1.35%
Analog Devices, Inc., 3.50%, 12/05/2026		4,261,000		4,081,631
Intel Corp.
4.88%, 02/10/2026^(b)		7,299,000		7,262,401
2.60%, 05/19/2026^(b)		4,769,000		4,493,599
Marvell Technology, Inc., 1.65%, 04/15/2026^(b)		2,363,000		2,146,558
NVIDIA Corp., 3.20%, 09/16/2026		4,739,000		4,526,221
Skyworks Solutions, Inc., 1.80%, 06/01/2026		2,389,000		2,137,681
Texas Instruments, Inc., 1.13%, 09/15/2026^(b)		2,373,000		2,133,457

				26,781,548

Software-2.78%
Fortinet, Inc., 1.00%, 03/15/2026		2,365,000		2,116,747
Microsoft Corp., 2.40%, 08/08/2026		19,478,000		18,274,307
Oracle Corp.
1.65%, 03/25/2026		13,101,000		11,942,582
2.65%, 07/15/2026		14,289,000		13,274,745
Roper Technologies, Inc., 3.80%, 12/15/2026^(b)		3,334,000		3,183,485
VMware, Inc., 1.40%, 08/15/2026		7,204,000		6,390,346

				55,182,212

Specialized REITs-2.16%
American Tower Corp.
4.40%, 02/15/2026^(b)		2,365,000		2,303,483
1.60%, 04/15/2026		3,388,000		3,061,718
1.45%, 09/15/2026		2,861,000		2,536,727
3.38%, 10/15/2026		4,739,000		4,442,172

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		112

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023


	Principal Amount		Value
Specialized REITs-(continued)
Crown Castle, Inc.
4.45%, 02/15/2026	$	4,292,000	$	4,183,341
3.70%, 06/15/2026^(b)		3,571,000		3,401,287
1.05%, 07/15/2026^(b)		4,769,000		4,218,734
Equinix, Inc., 1.45%, 05/15/2026^(b)		3,339,000		3,002,899
Extra Space Storage L.P., 3.50%, 07/01/2026^(b)		2,843,000		2,667,316
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026		4,648,000		4,555,323
Public Storage Operating Co.
0.88%, 02/15/2026		2,378,000		2,145,481
1.50%, 11/09/2026^(b)		3,090,000		2,783,243
Weyerhaeuser Co., 4.75%, 05/15/2026		3,569,000		3,514,876

				42,816,600

Specialty Retail-3.01%
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		21,367,000		21,597,597
4.90%, 10/01/2026		8,167,000		8,023,197
Home Depot, Inc. (The)
3.00%, 04/01/2026^(b)		6,160,000		5,890,203
2.13%, 09/15/2026		4,869,000		4,493,908
Lowe’s Cos., Inc.
4.80%, 04/01/2026		4,739,000		4,685,639
2.50%, 04/15/2026^(b)		6,404,000		5,987,615
O’Reilly Automotive, Inc., 3.55%, 03/15/2026^(b)		2,435,000		2,334,203
Ross Stores, Inc., 0.88%, 04/15/2026		2,435,000		2,176,332
TJX Cos., Inc. (The), 2.25%, 09/15/2026^(b)		4,821,000		4,446,864

				59,635,558

Technology Hardware, Storage & Peripherals-3.40%
Apple, Inc.
0.70%, 02/08/2026		11,844,000		10,726,955
3.25%, 02/23/2026^(b)		15,396,000		14,809,850
4.42%, 05/08/2026		4,830,000		4,788,817
2.45%, 08/04/2026		10,956,000		10,254,371
2.05%, 09/11/2026^(b)		9,479,000		8,761,561
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026		3,652,000		3,331,495
HP, Inc., 1.45%, 06/17/2026^(b)		4,796,000		4,331,723
Western Digital Corp., 4.75%, 02/15/2026		10,950,000		10,450,738

				67,455,510

Textiles, Apparel & Luxury Goods-0.23%
NIKE, Inc., 2.38%, 11/01/2026^(b)		4,869,000		4,512,700

Tobacco-1.40%
Altria Group, Inc., 2.63%, 09/16/2026^(b).		2,382,000		2,209,868
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		4,767,000		4,453,820
B.A.T. International Finance PLC (United
Kingdom), 1.67%, 03/25/2026^(b)		7,164,000		6,490,291

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
4.88%, 02/13/2026	$	8,088,000	$	8,013,981
2.75%, 02/25/2026^(b)		3,571,000		3,371,519
0.88%, 05/01/2026		3,549,000		3,179,193

				27,718,672

Trading Companies & Distributors-0.59%
Air Lease Corp.
2.88%, 01/15/2026^(b)		6,921,000		6,473,892
1.88%, 08/15/2026^(b)		5,790,000		5,184,035

				11,657,927

Wireless Telecommunication Services-1.16%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026		2,375,000		2,191,071
Sprint LLC, 7.63%, 03/01/2026		7,304,000		7,577,374
T-Mobile USA, Inc.
2.25%, 02/15/2026		8,665,000		8,020,209
2.63%, 04/15/2026^(b)		5,718,000		5,310,777

				23,099,431

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,054,195,479)				1,964,662,112

	Shares
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $391,146)		391,146		391,146

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.12% (Cost $2,054,586,625)				1,965,053,258


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.78%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		59,624,954		59,624,954
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		154,066,675		154,066,675

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $213,690,711)				213,691,629

TOTAL INVESTMENTS IN SECURITIES-109.90% (Cost $2,268,277,336)				2,178,744,887
OTHER ASSETS LESS LIABILITIES-(9.90)%				(196,336,702	)

NET ASSETS-100.00%			$	1,982,408,185

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		113

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 2,406,597		$	69,396,590		$	(71,412,041	)		$	-			$	-		$	391,146		$	145,315

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		24,753,126			337,048,722			(302,176,894	)			-				-			59,624,954			2,373,977	*

Invesco Private Prime Fund		63,650,897			713,239,635			(622,822,585	)			(2,144	)			872			154,066,675			6,375,440	*


Total		$90,810,620		$	1,119,684,947		$	(996,411,520	)		$	(2,144	)		$	872		$	214,082,775		$	8,894,732

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		114

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.99%
Aerospace & Defense-2.19%
Boeing Co. (The), 5.04%, 05/01/2027^(b)	$	5,915,000	$	5,852,292
General Dynamics Corp.
3.50%, 04/01/2027^(b)		2,222,000		2,117,483
2.63%, 11/15/2027		1,481,000		1,352,691
Howmet Aerospace, Inc., 5.90%, 02/01/2027		1,831,000		1,819,886
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027		1,779,000		1,639,698
L3Harris Technologies, Inc., 5.40%, 01/15/2027		3,090,000		3,098,650
Lockheed Martin Corp., 5.10%, 11/15/2027		2,222,000		2,247,724
Northrop Grumman Corp., 3.20%, 02/01/2027^(b)		2,222,000		2,099,084
RTX Corp., 3.13%, 05/04/2027		3,253,000		3,032,410

				23,259,918

Air Freight & Logistics-0.26%
United Parcel Service, Inc., 3.05%, 11/15/2027		2,960,000		2,774,128

Automobile Components-0.55%
American Honda Finance Corp., 2.35%, 01/08/2027		1,475,000		1,351,000
BorgWarner, Inc., 2.65%, 07/01/2027		3,253,000		2,949,528
Lear Corp., 3.80%, 09/15/2027^(b)		1,631,000		1,530,219

				5,830,747

Automobiles-2.11%
General Motors Co.
4.20%, 10/01/2027^(b)		2,222,000		2,095,257
6.80%, 10/01/2027^(b)		2,962,000		3,055,780
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027		2,962,000		2,725,271
Toyota Motor Credit Corp.
3.20%, 01/11/2027		2,222,000		2,099,145
1.90%, 01/13/2027		2,222,000		2,011,729
3.05%, 03/22/2027^(b)		4,146,000		3,893,840
1.15%, 08/13/2027		1,775,000		1,537,759
4.55%, 09/20/2027		2,962,000		2,918,519
5.45%, 11/10/2027^(b)		2,072,000		2,112,400

				22,449,700

Banks-12.91%
Banco Santander S.A. (Spain)
4.25%, 04/11/2027		3,000,000		2,840,031
5.29%, 08/18/2027^(b)		5,200,000		5,101,804
Bank of America Corp.
3.25%, 10/21/2027		7,356,000		6,856,782
Series L, 4.18%, 11/25/2027		5,915,000		5,617,482
Bank of Montreal (Canada)
2.65%, 03/08/2027^(b)		3,703,000		3,380,561
Series H, 4.70%, 09/14/2027		2,956,000		2,884,505
Bank of Nova Scotia (The) (Canada)
1.95%, 02/02/2027^(b)		2,222,000		1,992,088
2.95%, 03/11/2027		2,072,000		1,915,199
Canadian Imperial Bank of Commerce (Canada), 3.45%, 04/07/2027^(b)		2,960,000		2,766,954


	Principal Amount		Value
Banks-(continued)
Citigroup, Inc., 4.45%, 09/29/2027	$	11,299,000	$	10,806,816
Credit Suisse AG (Switzerland), 5.00%, 07/09/2027		3,520,000		3,431,442
Fifth Third Bancorp, 2.55%, 05/05/2027		2,222,000		1,987,697
Fifth Third Bank N.A., 2.25%, 02/01/2027^(b)		1,750,000		1,552,230
JPMorgan Chase & Co.
8.00%, 04/29/2027		1,483,000		1,628,391
4.25%, 10/01/2027^(b)		4,334,000		4,193,516
3.63%, 12/01/2027^(b)		3,173,000		2,986,379
KeyBank N.A., 5.85%, 11/15/2027		3,000,000		2,895,612
KeyCorp, 2.25%, 04/06/2027^(b)		2,367,000		2,038,086
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027		3,650,000		3,433,478
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027^(b)		1,600,000		1,425,570
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 02/22/2027		2,957,000		2,815,490
3.29%, 07/25/2027		2,963,000		2,755,454
Mizuho Financial Group, Inc. (Japan)
3.66%, 02/28/2027		1,400,000		1,319,621
3.17%, 09/11/2027		3,320,000		3,042,969
PNC Bank N.A., 3.10%, 10/25/2027		2,900,000		2,647,596
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027^(b)		2,222,000		2,061,736
Royal Bank of Canada (Canada)
2.05%, 01/21/2027^(b)		1,441,000		1,296,653
3.63%, 05/04/2027^(b)		3,553,000		3,352,404
4.24%, 08/03/2027		3,703,000		3,567,402
6.00%, 11/01/2027^(b)		4,000,000		4,097,589
Santander Holdings USA, Inc., 4.40%, 07/13/2027^(b)		3,108,000		2,945,771
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.45%, 01/11/2027^(b)		3,617,000		3,385,009
2.17%, 01/14/2027^(b)		1,400,000		1,256,541
3.36%, 07/12/2027^(b)		5,104,000		4,742,689
3.35%, 10/18/2027^(b)		2,222,000		2,045,402
Toronto-Dominion Bank (The) (Canada)
1.95%, 01/12/2027^(b)		2,218,000		1,992,828
2.80%, 03/10/2027		3,253,000		2,986,424
4.11%, 06/08/2027		4,444,000		4,247,970
4.69%, 09/15/2027		4,444,000		4,337,055
Truist Financial Corp., 1.13%, 08/03/2027^(b)		2,222,000		1,880,165
U.S. Bancorp, Series X, 3.15%, 04/27/2027^(b)		3,843,000		3,563,414
Wells Fargo & Co., 4.30%, 07/22/2027		7,396,000		7,085,754

				137,160,559

Beverages-1.78%
Coca-Cola Co. (The)
3.38%, 03/25/2027		2,962,000		2,839,774
2.90%, 05/25/2027		1,481,000		1,393,535
1.45%, 06/01/2027^(b)		4,444,000		3,970,538

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		115

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Beverages-(continued)
Constellation Brands, Inc.
3.50%, 05/09/2027	$	1,481,000	$	1,394,427
4.35%, 05/09/2027		1,780,000		1,724,514
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027		2,130,000		2,155,796
PepsiCo, Inc.
2.63%, 03/19/2027		1,481,000		1,381,448
3.00%, 10/15/2027^(b)		4,334,000		4,079,208

				18,939,240

Biotechnology-1.20%
Amgen, Inc.
2.20%, 02/21/2027^(b)		5,101,000		4,638,243
3.20%, 11/02/2027^(b)		2,962,000		2,754,746
Gilead Sciences, Inc.
2.95%, 03/01/2027		3,703,000		3,453,148
1.20%, 10/01/2027		2,222,000		1,912,102

				12,758,239

Broadline Retail-2.53%
Amazon.com, Inc.
3.30%, 04/13/2027^(b)		5,915,000		5,633,947
1.20%, 06/03/2027^(b)		3,703,000		3,263,010
3.15%, 08/22/2027		10,258,000		9,652,693
4.55%, 12/01/2027^(b)		5,920,000		5,900,346
eBay, Inc., 3.60%, 06/05/2027^(b)		2,512,000		2,373,258

				26,823,254

Building Products-0.15%
Carlisle Cos., Inc., 3.75%, 12/01/2027^(b).		1,731,000		1,633,652

Capital Markets-5.93%
Ares Capital Corp.
7.00%, 01/15/2027		1,000,000		1,002,698
2.88%, 06/15/2027^(b)		1,445,000		1,272,755
Bank of New York Mellon Corp. (The)
2.05%, 01/26/2027^(b)		2,520,000		2,278,866
3.25%, 05/16/2027		2,220,000		2,082,999
BlackRock, Inc., 3.20%, 03/15/2027		2,070,000		1,966,885
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		1,837,000		1,559,545
Blue Owl Capital Corp., 2.63%, 01/15/2027		1,461,000		1,267,647
Cboe Global Markets, Inc., 3.65%, 01/12/2027		1,920,000		1,838,404
Charles Schwab Corp. (The)
3.20%, 03/02/2027^(b)		1,925,000		1,783,405
2.45%, 03/03/2027^(b)		4,438,000		3,996,435
3.30%, 04/01/2027		2,200,000		2,051,758
FactSet Research Systems, Inc., 2.90%, 03/01/2027		1,441,000		1,329,766
FS KKR Capital Corp., 3.25%, 07/15/2027		1,445,000		1,255,685
Goldman Sachs Group, Inc. (The)
5.95%, 01/15/2027		2,392,000		2,418,096
3.85%, 01/26/2027		8,877,000		8,428,579
Jefferies Financial Group, Inc., 4.85%, 01/15/2027^(b)		2,217,000		2,156,621
Morgan Stanley
3.63%, 01/20/2027		8,877,000		8,390,874
3.95%, 04/23/2027		5,915,000		5,581,816


	Principal Amount		Value
Capital Markets-(continued)
Nomura Holdings, Inc. (Japan)
2.33%, 01/22/2027	$	3,600,000	$	3,191,539
5.39%, 07/06/2027		1,550,000		1,522,413
Northern Trust Corp., 4.00%, 05/10/2027^(b)		2,963,000		2,847,253
S&P Global, Inc.
2.95%, 01/22/2027		1,481,000		1,388,996
2.45%, 03/01/2027		3,660,000		3,377,492

				62,990,527

Chemicals-2.01%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027		1,922,000		1,731,228
Albemarle Corp., 4.65%, 06/01/2027		1,922,000		1,858,396
Celanese US Holdings LLC, 6.17%, 07/15/2027^(b)		5,924,000		5,929,403
Ecolab, Inc.
1.65%, 02/01/2027		1,481,000		1,328,836
3.25%, 12/01/2027^(b)		1,481,000		1,390,030
LYB International Finance II B.V., 3.50%, 03/02/2027^(b)		1,753,000		1,653,771
Mosaic Co. (The), 4.05%, 11/15/2027^(b)		2,042,000		1,949,976
Olin Corp., 5.13%, 09/15/2027^(b)		1,450,000		1,389,666
Sherwin-Williams Co. (The), 3.45%, 06/01/2027		4,373,000		4,122,939

				21,354,245

Commercial Services & Supplies-0.63%
Cintas Corp. No. 2, 3.70%, 04/01/2027^(b)		2,962,000		2,845,216
Republic Services, Inc., 3.38%, 11/15/2027		1,892,000		1,762,136
Waste Management, Inc., 3.15%, 11/15/2027^(b)		2,222,000		2,074,056

				6,681,408

Communications Equipment-0.13%
Nokia OYJ (Finland), 4.38%, 06/12/2027^(b)		1,481,000		1,397,986

Construction Materials-0.13%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		1,461,000		1,367,025

Consumer Finance-3.97%
Ally Financial, Inc.
4.75%, 06/09/2027^(b)		2,184,000		2,049,021
7.10%, 11/15/2027^(b)		2,222,000		2,253,361
American Express Co.
2.55%, 03/04/2027		5,184,000		4,715,646
3.30%, 05/03/2027		4,890,000		4,560,768
5.85%, 11/05/2027^(b)		4,444,000		4,541,925
Capital One Financial Corp.
3.75%, 03/09/2027		3,999,000		3,722,721
3.65%, 05/11/2027^(b)		2,960,000		2,754,764
Discover Financial Services, 4.10%, 02/09/2027^(b)		2,958,000		2,746,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		116

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.
4.35%, 01/17/2027	$	3,703,000	$	3,525,736
2.35%, 02/26/2027		2,962,000		2,635,567
5.00%, 04/09/2027		3,703,000		3,610,814
2.70%, 08/20/2027		2,663,000		2,370,958
Synchrony Financial, 3.95%, 12/01/2027		2,955,000		2,643,439

				42,130,805

Consumer Staples Distribution & Retail-1.76%
Costco Wholesale Corp.
3.00%, 05/18/2027^(b)		2,962,000		2,798,899
1.38%, 06/20/2027^(b)		3,703,000		3,276,020
Dollar General Corp.
3.88%, 04/15/2027		1,775,000		1,695,900
4.63%, 11/01/2027^(b)		1,623,000		1,581,896
Kroger Co. (The), 3.70%, 08/01/2027		1,775,000		1,686,044
Sysco Corp., 3.25%, 07/15/2027		2,222,000		2,071,890
Target Corp., 1.95%, 01/15/2027^(b)		2,962,000		2,702,503
Walmart, Inc., 3.95%, 09/09/2027		2,962,000		2,893,561

				18,706,713

Containers & Packaging-0.13%
Packaging Corp. of America, 3.40%, 12/15/2027		1,481,000		1,381,494

Diversified REITs-0.26%
Digital Realty Trust L.P., 3.70%, 08/15/2027		2,957,000		2,757,503

Diversified Telecommunication Services-2.76%
AT&T, Inc.
4.25%, 03/01/2027		4,413,000		4,254,912
2.30%, 06/01/2027		7,398,000		6,626,996
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027		4,420,000		4,208,768
TELUS Corp. (Canada)
2.80%, 02/16/2027		1,771,000		1,638,921
3.70%, 09/15/2027^(b)		1,481,000		1,393,080
Verizon Communications, Inc.
4.13%, 03/16/2027^(b)		9,518,000		9,172,650
3.00%, 03/22/2027		2,222,000		2,066,647

				29,361,974

Electric Utilities-4.17%
Alabama Power Co., 3.75%, 09/01/2027^(b)		1,631,000		1,557,576
American Electric Power Co., Inc.
5.75%, 11/01/2027		1,480,000		1,507,543
3.20%, 11/13/2027		1,483,000		1,374,705
Duke Energy Corp.
3.15%, 08/15/2027		2,192,000		2,028,380
5.00%, 12/08/2027		1,475,000		1,464,354
Duke Energy Florida LLC, 3.20%, 01/15/2027^(b)		1,920,000		1,816,479
Edison International, 5.75%, 06/15/2027^(b)		1,772,000		1,776,781
Eversource Energy
2.90%, 03/01/2027		1,905,000		1,754,103
4.60%, 07/01/2027		1,776,000		1,729,506
Exelon Corp., 2.75%, 03/15/2027		1,910,000		1,754,519


	Principal Amount		Value
Electric Utilities-(continued)
FirstEnergy Corp., Series B, 4.15%, 07/15/2027	$	4,373,000	$	4,128,930
ITC Holdings Corp., 3.35%, 11/15/2027		1,437,000		1,335,419
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/2027		2,961,000		2,648,275
3.55%, 05/01/2027		4,410,000		4,158,861
4.63%, 07/15/2027^(b)		3,703,000		3,613,550
Pacific Gas and Electric Co., 2.10%, 08/01/2027		2,962,000		2,560,457
Southern California Edison Co.
5.85%, 11/01/2027		2,220,000		2,273,875
Series D, 4.70%, 06/01/2027^(b)		1,775,000		1,746,380
Virginia Electric & Power Co.
Series A, 3.50%, 03/15/2027		2,221,000		2,099,547
Series B, 3.75%, 05/15/2027^(b)		1,775,000		1,695,205
Xcel Energy, Inc., 1.75%, 03/15/2027^(b)		1,481,000		1,314,510

				44,338,955

Electrical Equipment-0.12%
Emerson Electric Co., 1.80%, 10/15/2027		1,475,000		1,308,463


Electronic Equipment, Instruments & Components-0.50%
Eaton Corp., 3.10%, 09/15/2027		2,022,000		1,897,214
Jabil, Inc., 4.25%, 05/15/2027		1,480,000		1,416,224
Keysight Technologies, Inc., 4.60%, 04/06/2027		2,072,000		2,026,806

				5,340,244

Energy Equipment & Services-0.35%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		3,994,000		3,706,405

Entertainment-1.58%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027^(b)		1,771,000		1,679,140
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027^(b)		2,960,000		2,779,428
Walt Disney Co. (The), 3.70%, 03/23/2027		1,481,000		1,428,360
Warnermedia Holdings, Inc., 3.76%, 03/15/2027^(b)		11,660,000		10,940,016

				16,826,944

Financial Services-3.04%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.65%, 07/21/2027		3,020,000		2,780,585
4.63%, 10/15/2027		1,750,000		1,663,226
Blackstone Private Credit Fund, 3.25%, 03/15/2027		2,901,000		2,528,878
Corebridge Financial, Inc., 3.65%, 04/05/2027		3,629,000		3,416,597
Fidelity National Information Services, Inc., 4.70%, 07/15/2027		1,430,000		1,404,166
Fiserv, Inc., 2.25%, 06/01/2027^(b)		2,962,000		2,658,567
Global Payments, Inc.
2.15%, 01/15/2027		2,222,000		1,981,966
4.95%, 08/15/2027		1,481,000		1,444,369
Mastercard, Inc., 3.30%, 03/26/2027		2,962,000		2,822,146

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		117

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Financial Services-(continued)
ORIX Corp. (Japan)
3.70%, 07/18/2027	$	1,400,000	$	1,324,163
5.00%, 09/13/2027^(b)		1,481,000		1,469,799
PayPal Holdings, Inc., 3.90%, 06/01/2027		1,481,000		1,432,857
Visa, Inc.
1.90%, 04/15/2027^(b)		4,444,000		4,029,979
0.75%, 08/15/2027		1,481,000		1,281,066
2.75%, 09/15/2027^(b)		2,222,000		2,063,050

				32,301,414

Food Products-1.97%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		1,730,000		1,628,550
Conagra Brands, Inc., 1.38%, 11/01/2027		2,962,000		2,518,789
General Mills, Inc., 3.20%, 02/10/2027		2,222,000		2,091,967
JM Smucker Co. (The), 3.38%, 12/15/2027^(b)		1,481,000		1,385,157
Kellogg Co., 3.40%, 11/15/2027		1,755,000		1,632,435
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027		3,992,000		3,815,435
McCormick & Co., Inc., 3.40%, 08/15/2027^(b)		2,222,000		2,083,791
Mondelez International, Inc., 2.63%, 03/17/2027		2,192,000		2,016,205
Tyson Foods, Inc., 3.55%, 06/02/2027		3,993,000		3,752,376

				20,924,705

Gas Utilities-0.31%
Atmos Energy Corp., 3.00%, 06/15/2027^(b)		1,481,000		1,390,172
Southern California Gas Co., 2.95%, 04/15/2027^(b)		2,070,000		1,924,347

				3,314,519

Ground Transportation-0.61%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027		1,480,000		1,406,034
CSX Corp., 3.25%, 06/01/2027		2,520,000		2,373,820
Union Pacific Corp.
2.15%, 02/05/2027^(b)		1,484,000		1,357,433
3.00%, 04/15/2027		1,480,000		1,384,003

				6,521,290

Health Care Equipment & Supplies-1.31%
Baxter International, Inc., 1.92%, 02/01/2027^(b)		4,252,000		3,784,982
Becton, Dickinson and Co., 3.70%, 06/06/2027		5,104,000		4,841,165
GE HealthCare Technologies, Inc., 5.65%, 11/15/2027		5,180,000		5,244,543

				13,870,690

Health Care Providers & Services-4.90%
Cardinal Health, Inc., 3.41%, 06/15/2027		3,538,000		3,314,676
Cencora, Inc., 3.45%, 12/15/2027^(b)		2,222,000		2,089,028
Centene Corp., 4.25%, 12/15/2027		7,010,000		6,564,081


	Principal Amount		Value
Health Care Providers & Services-(continued)
Cigna Group (The)
3.40%, 03/01/2027	$	3,926,000	$	3,692,932
3.05%, 10/15/2027		1,616,000		1,490,671
CommonSpirit Health, 6.07%, 11/01/2027		1,506,000		1,540,479
CVS Health Corp.
3.63%, 04/01/2027^(b)		2,222,000		2,104,327
1.30%, 08/21/2027		6,655,000		5,732,635
Elevance Health, Inc., 3.65%, 12/01/2027		4,738,000		4,468,055
HCA, Inc.
4.50%, 02/15/2027		3,553,000		3,436,659
3.13%, 03/15/2027		1,444,000		1,327,710
Humana, Inc.
1.35%, 02/03/2027^(b)		2,222,000		1,955,323
3.95%, 03/15/2027^(b)		1,755,000		1,685,695
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		1,591,000		1,502,771
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027^(b)		1,775,000		1,682,962
SSM Health Care Corp., Series A, 3.82%, 06/01/2027		1,441,000		1,368,700
UnitedHealth Group, Inc.
3.45%, 01/15/2027		2,222,000		2,122,294
3.38%, 04/15/2027		1,851,000		1,756,358
3.70%, 05/15/2027^(b)		1,725,000		1,659,186
2.95%, 10/15/2027^(b)		2,812,000		2,609,427

				52,103,969

Health Care REITs-0.44%
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027^(b)		1,441,000		1,338,057
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027^(b)		2,073,000		1,962,469
Welltower OP LLC, 2.70%, 02/15/2027		1,441,000		1,323,081

				4,623,607

Hotels, Restaurants & Leisure-1.39%
Darden Restaurants, Inc., 3.85%, 05/01/2027^(b)		1,481,000		1,405,337
Expedia Group, Inc., 4.63%, 08/01/2027		2,220,000		2,154,757
Hyatt Hotels Corp., 5.75%, 01/30/2027		1,750,000		1,752,453
Marriott International, Inc., 5.00%, 10/15/2027^(b)		2,962,000		2,935,766
McDonald’s Corp.
3.50%, 03/01/2027^(b)		2,512,000		2,392,043
3.50%, 07/01/2027		2,962,000		2,813,751
Starbucks Corp., 2.00%, 03/12/2027^(b)		1,481,000		1,337,326

				14,791,433

Household Durables-0.63%
D.R. Horton, Inc., 1.40%, 10/15/2027^(b)		1,448,000		1,245,000
Leggett & Platt, Inc., 3.50%, 11/15/2027		1,477,000		1,362,620
Lennar Corp., 4.75%, 11/29/2027		2,662,000		2,582,857
PulteGroup, Inc., 5.00%, 01/15/2027^(b)		1,483,000		1,461,770

				6,652,247

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		118

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Household Products-0.86%
Colgate-Palmolive Co., 3.10%, 08/15/2027	$	1,481,000	$	1,411,781
Kimberly-Clark Corp., 1.05%, 09/15/2027		1,771,000		1,530,752
Procter & Gamble Co. (The)
1.90%, 02/01/2027		2,962,000		2,710,618
2.80%, 03/25/2027		1,481,000		1,390,004
2.85%, 08/11/2027^(b)		2,222,000		2,083,373

				9,126,528

Independent Power and Renewable Electricity Producers-0.18%
NSTAR Electric Co., 3.20%, 05/15/2027^(b)		2,076,000		1,945,905

Industrial Conglomerates-0.46%
3M Co., 2.88%, 10/15/2027^(b)		2,512,000		2,313,897
Honeywell International, Inc., 1.10%, 03/01/2027^(b)		2,958,000		2,620,798

				4,934,695

Insurance-1.54%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		1,460,000		1,401,298
Aon Corp., 8.21%, 01/01/2027		1,550,000		1,630,397
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027^(b)		1,771,000		1,631,886
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027		2,222,000		2,060,876
Brighthouse Financial, Inc., 3.70%, 06/22/2027^(b)		2,239,000		2,072,275
CNA Financial Corp., 3.45%, 08/15/2027		1,437,000		1,342,749
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027		1,481,000		1,357,993
Progressive Corp. (The)
2.45%, 01/15/2027		1,481,000		1,365,597
2.50%, 03/15/2027		1,484,000		1,366,291
Willis North America, Inc., 4.65%, 06/15/2027		2,222,000		2,153,259

				16,382,621

Interactive Media & Services-0.95%
Alphabet, Inc., 0.80%, 08/15/2027		2,962,000		2,571,359
Meta Platforms, Inc., 3.50%, 08/15/2027^(b)		7,870,000		7,504,321

				10,075,680

IT Services-0.95%
International Business Machines Corp.
3.30%, 01/27/2027		1,500,000		1,419,089
2.20%, 02/09/2027		1,880,000		1,710,076
1.70%, 05/15/2027		3,690,000		3,268,441
4.15%, 07/27/2027^(b)		2,194,000		2,121,500
VeriSign, Inc., 4.75%, 07/15/2027		1,630,000		1,590,194

				10,109,300

Leisure Products-0.13%
Hasbro, Inc., 3.50%, 09/15/2027		1,477,000		1,381,181


	Principal Amount		Value
Life Sciences Tools & Services-0.31%
Illumina, Inc., 5.75%, 12/13/2027	$	1,479,000	$	1,475,942
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027^(b)		1,771,000		1,774,106

				3,250,048

Machinery-2.01%
Caterpillar Financial Services Corp.
1.70%, 01/08/2027^(b)		1,481,000		1,342,562
3.60%, 08/12/2027		2,071,000		1,982,024
1.10%, 09/14/2027		2,216,000		1,918,491
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027^(b)		1,481,000		1,398,469
John Deere Capital Corp.
1.70%, 01/11/2027		1,480,000		1,333,702
2.35%, 03/08/2027^(b)		1,481,000		1,359,775
1.75%, 03/09/2027^(b)		1,479,000		1,329,605
2.80%, 09/08/2027		1,481,000		1,371,193
4.15%, 09/15/2027^(b)		2,662,000		2,600,450
Otis Worldwide Corp., 2.29%, 04/05/2027^(b)		1,481,000		1,345,938
Parker-Hannifin Corp.
3.25%, 03/01/2027^(b)		2,072,000		1,950,643
4.25%, 09/15/2027		3,547,000		3,443,348

				21,376,200

Media-1.29%
Comcast Corp.
2.35%, 01/15/2027		4,140,000		3,799,796
3.30%, 02/01/2027		3,703,000		3,504,150
3.30%, 04/01/2027		2,372,000		2,240,520
5.35%, 11/15/2027^(b)		2,222,000		2,254,186
Paramount Global, 2.90%, 01/15/2027^(b)		2,072,000		1,868,701

				13,667,353

Metals & Mining-0.48%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027		3,550,000		3,642,410
Nucor Corp., 4.30%, 05/23/2027^(b)		1,461,000		1,417,775

				5,060,185

Multi-Utilities-0.90%
Ameren Corp., 1.95%, 03/15/2027^(b)		1,461,000		1,314,387
NiSource, Inc., 3.49%, 05/15/2027		2,960,000		2,778,353
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027^(b)		2,072,000		2,113,175
Sempra, 3.25%, 06/15/2027^(b)		2,220,000		2,053,493
WEC Energy Group, Inc., 1.38%, 10/15/2027		1,482,000		1,276,751

				9,536,159

Office REITs-0.21%
Boston Properties L.P., 6.75%, 12/01/2027^(b)		2,224,000		2,273,612

Oil, Gas & Consumable Fuels-6.27%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		1,481,000		1,412,980
BP Capital Markets America, Inc., 3.54%, 04/06/2027		1,477,000		1,410,628

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		119

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027^(b)	$	4,443,000	$	4,186,652
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027		3,703,000		3,504,823
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		3,560,000		3,523,387
Chevron Corp., 2.00%, 05/11/2027^(b)		2,962,000		2,687,700
Chevron USA, Inc., 1.02%, 08/12/2027^(b)		2,215,000		1,924,119
Coterra Energy, Inc., 3.90%, 05/15/2027		2,010,000		1,912,263
DCP Midstream Operating L.P., 5.63%, 07/15/2027		1,460,000		1,462,894
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		2,069,000		1,951,235
Energy Transfer L.P.
4.40%, 03/15/2027		2,020,000		1,938,424
4.20%, 04/15/2027		1,775,000		1,691,707
4.00%, 10/01/2027		2,222,000		2,089,297
Enterprise Products Operating LLC, 3.95%, 02/15/2027		1,699,000		1,634,689
EQT Corp., 3.90%, 10/01/2027		3,464,000		3,237,776
Equinor ASA (Norway), 3.00%, 04/06/2027^(b)		1,450,000		1,358,626
Exxon Mobil Corp., 3.29%, 03/19/2027		2,962,000		2,827,107
Hess Corp., 4.30%, 04/01/2027		2,962,000		2,850,951
Marathon Oil Corp., 4.40%, 07/15/2027^(b)		2,962,000		2,824,646
MPLX L.P., 4.13%, 03/01/2027		3,703,000		3,547,088
Occidental Petroleum Corp., 8.50%, 07/15/2027		1,430,000		1,546,931
ONEOK, Inc., 4.00%, 07/13/2027		1,482,000		1,403,250
Phillips 66 Co., 4.95%, 12/01/2027^(b)		2,220,000		2,198,763
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		4,443,000		4,369,197
Targa Resources Corp., 5.20%, 07/01/2027		2,224,000		2,202,897
TC PipeLines L.P., 3.90%, 05/25/2027		1,481,000		1,399,275
Valero Energy Corp., 2.15%, 09/15/2027		1,643,000		1,464,410
Williams Cos., Inc. (The), 3.75%, 06/15/2027		4,291,000		4,041,411

				66,603,126

Passenger Airlines-0.48%
Southwest Airlines Co., 5.13%, 06/15/2027		5,114,000		5,056,128

Personal Care Products-0.39%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		1,481,000		1,401,860
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027		2,965,000		2,769,674

				4,171,534

Pharmaceuticals-3.41%
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027^(b)		2,218,000		2,078,763


	Principal Amount		Value
Pharmaceuticals-(continued)
Bristol-Myers Squibb Co.
3.25%, 02/27/2027^(b)	$	1,516,000	$	1,450,962
1.13%, 11/13/2027^(b)		2,962,000		2,573,237
Eli Lilly and Co., 3.10%, 05/15/2027^(b)		1,190,000		1,129,759
Haleon US Capital LLC, 3.38%, 03/24/2027		5,900,000		5,550,323
Johnson & Johnson
2.95%, 03/03/2027^(b)		2,962,000		2,806,508
0.95%, 09/01/2027^(b)		4,444,000		3,878,076
Merck & Co., Inc., 1.70%, 06/10/2027^(b)		4,436,000		3,977,277
Novartis Capital Corp. (Switzerland)
2.00%, 02/14/2027^(b)		3,703,000		3,382,870
3.10%, 05/17/2027		2,962,000		2,803,144
Royalty Pharma PLC, 1.75%, 09/02/2027^(b)		2,962,000		2,556,887
Viatris, Inc., 2.30%, 06/22/2027		2,220,000		1,942,481
Zoetis, Inc., 3.00%, 09/12/2027		2,222,000		2,068,975

				36,199,262

Professional Services-0.21%
Equifax, Inc., 5.10%, 12/15/2027		2,222,000		2,194,461

Residential REITs-0.16%
Mid-America Apartments L.P., 3.60%, 06/01/2027		1,771,000		1,677,457

Retail REITs-0.96%
Realty Income Corp.
3.00%, 01/15/2027		1,775,000		1,651,986
3.95%, 08/15/2027^(b)		1,759,000		1,678,991
Regency Centers L.P., 3.60%, 02/01/2027		1,421,000		1,340,988
Simon Property Group L.P.
1.38%, 01/15/2027^(b)		1,583,000		1,397,078
3.38%, 06/15/2027		2,220,000		2,072,608
3.38%, 12/01/2027		2,216,000		2,052,484

				10,194,135

Semiconductors & Semiconductor Equipment-2.83%
Applied Materials, Inc., 3.30%, 04/01/2027		3,553,000		3,374,413
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		8,548,000		8,124,311
Intel Corp.
3.75%, 03/25/2027^(b)		2,962,000		2,843,084
3.15%, 05/11/2027^(b)		2,962,000		2,775,120
3.75%, 08/05/2027^(b)		3,613,000		3,455,682
Micron Technology, Inc., 4.19%, 02/15/2027		2,662,000		2,538,596
QUALCOMM, Inc., 3.25%, 05/20/2027^(b)		5,920,000		5,593,421
Texas Instruments, Inc., 2.90%, 11/03/2027^(b)		1,461,000		1,360,820

				30,065,447

Software-3.72%
Adobe, Inc., 2.15%, 02/01/2027^(b)		2,512,000		2,308,339
Autodesk, Inc., 3.50%, 06/15/2027		1,481,000		1,399,320
Intuit, Inc., 1.35%, 07/15/2027^(b)		1,480,000		1,300,669
Microsoft Corp., 3.30%, 02/06/2027^(b)		11,739,000		11,286,322

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		120

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023


	Principal Amount		Value
Software-(continued)
Oracle Corp.
2.80%, 04/01/2027	$	6,655,000	$	6,115,594
3.25%, 11/15/2027		8,138,000		7,545,868
Roper Technologies, Inc., 1.40%, 09/15/2027^(b)		2,074,000		1,796,959
VMware, Inc.
4.65%, 05/15/2027		1,482,000		1,441,939
3.90%, 08/21/2027		3,703,000		3,491,043
Workday, Inc., 3.50%, 04/01/2027		2,964,000		2,802,589

				39,488,642

Specialized REITs-1.26%
American Tower Corp.
2.75%, 01/15/2027		2,222,000		2,032,874
3.65%, 03/15/2027		1,920,000		1,803,814
3.55%, 07/15/2027		2,222,000		2,062,101
Crown Castle, Inc.
4.00%, 03/01/2027^(b)		1,442,000		1,369,865
2.90%, 03/15/2027^(b)		2,222,000		2,041,465
3.65%, 09/01/2027		2,930,000		2,731,978
Public Storage Operating Co., 3.09%, 09/15/2027^(b)		1,479,000		1,381,694

				13,423,791

Specialty Retail-1.59%
AutoZone, Inc., 3.75%, 06/01/2027^(b)		1,775,000		1,689,178
Home Depot, Inc. (The)
2.50%, 04/15/2027		2,222,000		2,055,319
2.88%, 04/15/2027^(b)		2,222,000		2,086,659
2.80%, 09/14/2027^(b)		2,962,000		2,754,979
Lowe’s Cos., Inc.
3.35%, 04/01/2027^(b)		2,222,000		2,092,653
3.10%, 05/03/2027		4,443,000		4,140,168
O’Reilly Automotive, Inc., 3.60%, 09/01/2027^(b)		2,220,000		2,104,429

				16,923,385

Technology Hardware, Storage & Peripherals-2.44%
Apple, Inc.
3.35%, 02/09/2027		6,655,000		6,363,514
3.20%, 05/11/2027		5,924,000		5,630,346
3.00%, 06/20/2027		2,962,000		2,795,655
2.90%, 09/12/2027		5,920,000		5,543,636
3.00%, 11/13/2027^(b)		4,444,000		4,174,494
NetApp, Inc., 2.38%, 06/22/2027^(b)		1,592,000		1,441,907

				25,949,552

Textiles, Apparel & Luxury Goods-0.38%
NIKE, Inc., 2.75%, 03/27/2027^(b)		2,962,000		2,770,284
VF Corp., 2.80%, 04/23/2027^(b)		1,441,000		1,310,224

				4,080,508

Tobacco-0.79%
B.A.T Capital Corp. (United Kingdom), 4.70%, 04/02/2027		2,662,000		2,583,021

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
3.13%, 08/17/2027^(b)	$	1,478,000	$	1,377,801
5.13%, 11/17/2027		4,444,000		4,438,099

				8,398,921

Trading Companies & Distributors-0.83%
Air Lease Corp.
2.20%, 01/15/2027^(b)		2,222,000		1,987,001
3.63%, 04/01/2027		1,476,000		1,357,490
3.63%, 12/01/2027		1,434,000		1,318,862
5.85%, 12/15/2027^(b)		2,040,000		2,041,577
United Rentals (North America), Inc., 3.88%, 11/15/2027		2,220,000		2,058,088

				8,763,018

Water Utilities-0.15%
American Water Capital Corp., 2.95%, 09/01/2027^(b)		1,730,000		1,594,581

Wireless Telecommunication Services-0.14%
T-Mobile USA, Inc., 5.38%, 04/15/2027		1,475,000		1,473,755

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,101,114,396)				1,051,761,172

	Shares
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $53,994)		53,994		53,994

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.99% (Cost $1,101,168,390)				1,051,815,166


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.51%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		58,041,712		58,041,712
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		149,226,869		149,226,869

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $207,265,276)				207,268,581

TOTAL INVESTMENTS IN SECURITIES-118.50% (Cost $1,308,433,666)				1,259,083,747
OTHER ASSETS LESS LIABILITIES-(18.50)%				(196,577,946	)

NET ASSETS-100.00%			$	1,062,505,801

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		121

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	365,182		$	33,187,910		$	(33,499,098	)		$	-			$	-			$	53,994		$	106,712

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			27,045,614			221,105,150			(190,109,052	)			-				-				58,041,712			2,002,111	*

Invesco Private Prime Fund			69,545,867			494,770,394			(415,079,855	)			(1,667	)			(7,870	)			149,226,869			5,369,822	*


Total		$	96,956,663		$	749,063,454		$	(638,688,005	)		$	(1,667	)		$	(7,870	)		$	207,322,575		$	7,478,645

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		122

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.87%
Aerospace & Defense-3.13%
Boeing Co. (The), 3.25%, 02/01/2028	$	2,796,000	$	2,563,031
General Dynamics Corp., 3.75%, 05/15/2028^(b)		2,532,000		2,419,511
HEICO Corp., 5.25%, 08/01/2028		1,000,000		992,451
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028^(b)		1,525,000		1,294,688
L3Harris Technologies, Inc., 4.40%, 06/15/2028		2,154,000		2,072,885
Lockheed Martin Corp., 4.45%, 05/15/2028		1,270,000		1,251,551
Northrop Grumman Corp., 3.25%, 01/15/2028		5,064,000		4,719,842
RTX Corp., 4.13%, 11/16/2028		7,600,000		7,257,724

				22,571,683

Air Freight & Logistics-0.36%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028^(b)		1,525,000		1,452,074
FedEx Corp., 3.40%, 02/15/2028		1,247,000		1,163,065

				2,615,139

Automobile Components-0.85%
American Honda Finance Corp.
4.70%, 01/12/2028		1,270,000		1,254,614
3.50%, 02/15/2028^(b)		1,271,000		1,194,145
2.00%, 03/24/2028		1,901,000		1,665,861
5.13%, 07/07/2028^(b)		2,030,000		2,032,630

				6,147,250

Automobiles-1.33%
General Motors Co., 5.00%, 10/01/2028^(b)		1,901,000		1,845,719
Toyota Motor Corp. (Japan)
5.12%, 07/13/2028		1,270,000		1,282,796
3.67%, 07/20/2028^(b)		1,250,000		1,191,242
Toyota Motor Credit Corp.
3.05%, 01/11/2028^(b)		1,241,000		1,151,613
4.63%, 01/12/2028^(b)		2,490,000		2,465,540
1.90%, 04/06/2028		1,900,000		1,676,684

				9,613,594

Banks-10.69%
Banco Santander S.A. (Spain)
4.38%, 04/12/2028		3,200,000		3,009,041
5.59%, 08/08/2028		1,000,000		991,756
Bank of Montreal (Canada), 5.20%, 02/01/2028^(b)		3,040,000		3,016,750
Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028		1,900,000		1,884,649
Barclays PLC (United Kingdom), 4.84%, 05/09/2028		5,090,000		4,719,299
Canadian Imperial Bank of Commerce (Canada), 5.00%, 04/28/2028^(b)		2,530,000		2,479,412
Citigroup, Inc., 4.13%, 07/25/2028		5,318,000		4,961,306
Credit Suisse AG (Switzerland), 7.50%, 02/15/2028		6,398,000		6,846,225


	Principal Amount		Value
Banks-(continued)
Fifth Third Bancorp, 3.95%, 03/14/2028^(b)	$	1,617,000	$	1,500,085
KeyCorp, 4.10%, 04/30/2028^(b)		1,867,000		1,680,026
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028		3,845,000		3,646,689
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028		3,080,000		2,881,419
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 03/02/2028^(b)		3,294,000		3,136,947
4.05%, 09/11/2028^(b)		2,534,000		2,408,529
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028^(b)		3,325,000		3,135,754
PNC Bank N.A.
3.25%, 01/22/2028		1,750,000		1,602,598
4.05%, 07/26/2028^(b)		3,120,000		2,889,844
Regions Financial Corp., 1.80%, 08/12/2028		1,647,000		1,366,646
Royal Bank of Canada (Canada), 4.90%, 01/12/2028^(b)		1,900,000		1,873,696
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.52%, 01/13/2028^(b)		4,760,000		4,761,069
3.54%, 01/17/2028		1,905,000		1,758,470
5.80%, 07/13/2028		2,050,000		2,075,558
3.94%, 07/19/2028^(b)		1,904,000		1,779,914
1.90%, 09/17/2028		5,170,000		4,349,897
Synovus Bank, 5.63%, 02/15/2028		1,208,000		1,120,562
Toronto-Dominion Bank (The) (Canada)
5.16%, 01/10/2028		3,170,000		3,142,656
5.52%, 07/17/2028		1,958,000		1,968,219
U.S. Bancorp, 3.90%, 04/26/2028^(b)		2,154,000		2,023,195

				77,010,211

Beverages-2.35%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028		6,330,000		6,099,350
Coca-Cola Co. (The)
1.50%, 03/05/2028^(b)		1,900,000		1,666,604
1.00%, 03/15/2028^(b)		3,300,000		2,831,235
Constellation Brands, Inc., 3.60%, 02/15/2028		1,769,000		1,650,551
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028^(b)		1,200,000		1,155,417
PepsiCo, Inc.
3.60%, 02/18/2028^(b)		1,901,000		1,822,386
4.45%, 05/15/2028^(b)		1,700,000		1,695,218

				16,920,761

Biotechnology-1.69%
Amgen, Inc.
5.15%, 03/02/2028		9,500,000		9,494,500
1.65%, 08/15/2028^(b)		3,122,000		2,664,732

				12,159,232

Broadline Retail-0.69%
Amazon.com, Inc., 1.65%, 05/12/2028^(b)		5,700,000		4,985,059

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		123

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023


	Principal Amount		Value
Building Products-0.18%
Masco Corp., 1.50%, 02/15/2028^(b)	$	1,496,000	$	1,274,783

Capital Markets-4.45%
Ares Capital Corp., 2.88%, 06/15/2028^(b)		3,118,000		2,632,923
Bank of New York Mellon Corp. (The)
3.40%, 01/29/2028^(b)		1,901,000		1,772,310
3.85%, 04/28/2028		2,247,000		2,138,948
1.65%, 07/14/2028		1,248,000		1,065,666
3.00%, 10/30/2028		1,271,000		1,144,307
Blackstone Secured Lending Fund, 2.85%, 09/30/2028^(b)		1,620,000		1,339,828
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028		2,617,000		2,447,738
Charles Schwab Corp. (The)
3.20%, 01/25/2028		1,776,000		1,619,750
2.00%, 03/20/2028		3,167,000		2,732,177
CME Group, Inc., 3.75%, 06/15/2028		1,244,000		1,198,935
FS KKR Capital Corp., 3.13%, 10/12/2028^(b)		1,900,000		1,553,814
Jefferies Financial Group, Inc., 5.88%, 07/21/2028		1,100,000		1,088,380
Nasdaq, Inc., 5.35%, 06/28/2028^(b)		2,530,000		2,533,265
Nomura Holdings, Inc. (Japan)
5.84%, 01/18/2028		1,300,000		1,298,258
6.07%, 07/12/2028		2,350,000		2,361,141
2.17%, 07/14/2028^(b)		2,600,000		2,190,707
Northern Trust Corp., 3.65%, 08/03/2028^(b)		1,271,000		1,197,009
S&P Global, Inc., 4.75%, 08/01/2028^(b)		1,770,000		1,753,108

				32,068,264

Chemicals-0.70%
Ecolab, Inc., 5.25%, 01/15/2028		1,270,000		1,288,442
Nutrien Ltd. (Canada), 4.90%, 03/27/2028^(b)		1,900,000		1,858,011
PPG Industries, Inc., 3.75%, 03/15/2028^(b)		2,023,000		1,907,926

				5,054,379

Commercial Services & Supplies-0.42%
Republic Services, Inc., 3.95%, 05/15/2028		2,023,000		1,922,806
Waste Management, Inc., 1.15%, 03/15/2028		1,301,000		1,099,027

				3,021,833

Communications Equipment-0.24%
Motorola Solutions, Inc., 4.60%, 02/23/2028^(b)		1,770,000		1,716,723

Consumer Finance-2.37%
Ally Financial, Inc., 2.20%, 11/02/2028^(b)		1,902,000		1,536,327
Capital One Financial Corp., 3.80%, 01/31/2028^(b)		3,549,000		3,256,512
Discover Bank, 4.65%, 09/13/2028^(b)		2,290,000		2,105,650


	Principal Amount		Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.
6.00%, 01/09/2028^(b)	$	2,530,000	$	2,538,317
2.40%, 04/10/2028		2,530,000		2,189,625
5.80%, 06/23/2028^(b)		3,360,000		3,333,752
2.40%, 10/15/2028		2,530,000		2,143,235

				17,103,418

Consumer Staples Distribution & Retail-1.97%
CVS Pass-Through Trust, 6.04%, 12/10/2028		478,266		480,421
Dollar General Corp.
4.13%, 05/01/2028^(b)		1,271,000		1,212,503
5.20%, 07/05/2028^(b)		1,270,000		1,257,706
Dollar Tree, Inc., 4.20%, 05/15/2028		3,163,000		3,003,870
Walmart, Inc.
3.90%, 04/15/2028		1,900,000		1,843,129
3.70%, 06/26/2028^(b)		3,750,000		3,616,454
1.50%, 09/22/2028^(b)		3,170,000		2,740,114

				14,154,197

Containers & Packaging-0.19%
WRKCo, Inc., 4.00%, 03/15/2028^(b)		1,497,000		1,400,478

Diversified REITs-1.10%
CubeSmart L.P., 2.25%, 12/15/2028		1,396,000		1,183,659
Digital Realty Trust L.P.
5.55%, 01/15/2028		2,240,000		2,235,104
4.45%, 07/15/2028		1,650,000		1,562,343
VICI Properties L.P., 4.75%, 02/15/2028 .		3,110,000		2,960,214

				7,941,320

Diversified Telecommunication Services-1.55%
AT&T, Inc., 1.65%, 02/01/2028		5,700,000		4,876,655
Verizon Communications, Inc., 2.10%, 03/22/2028		7,170,000		6,270,141

				11,146,796


Electric Utilities-6.56%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028^(b)		1,517,000		1,396,957
Commonwealth Edison Co., 3.70%, 08/15/2028^(b)		1,367,000		1,292,120
Constellation Energy Generation LLC, 5.60%, 03/01/2028		1,900,000		1,913,878
Duke Energy Corp., 4.30%, 03/15/2028		2,280,000		2,197,261
Duke Energy Florida LLC, 3.80%, 07/15/2028^(b)		1,495,000		1,424,743
Duke Energy Progress LLC, 3.70%, 09/01/2028		1,301,000		1,226,594
Edison International
4.13%, 03/15/2028^(b)		1,390,000		1,301,239
5.25%, 11/15/2028		1,520,000		1,484,970
Entergy Corp., 1.90%, 06/15/2028^(b)		1,609,000		1,380,008
Eversource Energy, 5.45%, 03/01/2028^(b)		3,292,000		3,305,219
Exelon Corp., 5.15%, 03/15/2028		2,530,000		2,513,403
Florida Power & Light Co.
5.05%, 04/01/2028		2,530,000		2,543,212
4.40%, 05/15/2028^(b)		1,900,000		1,860,232
Georgia Power Co., 4.65%, 05/16/2028		1,900,000		1,854,189

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		124

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023


	Principal Amount		Value
Electric Utilities-(continued)
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/2028	$	1,775,000	$	1,655,410
4.80%, 03/15/2028		1,520,000		1,504,430
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028		3,170,000		3,117,421
1.90%, 06/15/2028		3,740,000		3,216,115
Pacific Gas and Electric Co.
3.00%, 06/15/2028		2,023,000		1,762,204
3.75%, 07/01/2028		2,222,000		2,000,875
Southern California Edison Co., 5.30%, 03/01/2028		1,870,000		1,878,229
Southern Co. (The), 4.85%, 06/15/2028		1,900,000		1,862,223
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		1,430,000		1,356,018
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028		1,773,000		1,678,549
Xcel Energy, Inc., 4.00%, 06/15/2028^(b)		1,598,000		1,515,650

				47,241,149

Electrical Equipment-0.31%
Emerson Electric Co., 2.00%, 12/21/2028^(b)		2,532,000		2,201,631

Electronic Equipment, Instruments & Components-1.62%
Arrow Electronics, Inc., 3.88%, 01/12/2028		1,301,000		1,205,543
Avnet, Inc., 6.25%, 03/15/2028		1,270,000		1,281,267
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028		1,262,000		1,109,039
Eaton Corp., 4.35%, 05/18/2028^(b)		1,270,000		1,248,109
Jabil, Inc., 3.95%, 01/12/2028		1,271,000		1,190,121
TD SYNNEX Corp., 2.38%, 08/09/2028		1,520,000		1,263,325
Teledyne Technologies, Inc., 2.25%, 04/01/2028		1,774,000		1,548,234
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028		1,396,000		1,310,802
Trimble, Inc., 4.90%, 06/15/2028		1,525,000		1,483,021

				11,639,461

Energy Equipment & Services-0.33%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028^(b)		1,201,000		1,102,952
Schlumberger Investment S.A., 4.50%, 05/15/2028^(b)		1,269,000		1,246,563

				2,349,515

Entertainment-1.17%
Netflix, Inc., 5.88%, 11/15/2028		4,730,000		4,874,175
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028		1,262,000		1,243,677
Walt Disney Co. (The), 2.20%, 01/13/2028^(b)		2,532,000		2,284,133

				8,401,985

Financial Services-3.00%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.88%, 01/23/2028^(b)		1,371,000		1,262,010
5.75%, 06/06/2028^(b)		2,460,000		2,440,670
3.00%, 10/29/2028		9,500,000		8,239,773


	Principal Amount		Value
Financial Services-(continued)
Block Financial LLC, 2.50%, 07/15/2028^(b)	$	1,270,000	$	1,088,619
Fidelity National Information Services, Inc., 1.65%, 03/01/2028^(b)		1,903,000		1,632,736
Fiserv, Inc., 5.45%, 03/02/2028^(b)		2,280,000		2,295,148
Mastercard, Inc.
3.50%, 02/26/2028^(b)		1,262,000		1,201,920
4.88%, 03/09/2028^(b)		1,905,000		1,912,472
MGIC Investment Corp., 5.25%, 08/15/2028		1,620,000		1,547,597

				21,620,945

Food Products-1.40%
Campbell Soup Co., 4.15%, 03/15/2028		2,530,000		2,410,494
General Mills, Inc., 4.20%, 04/17/2028^(b)		3,550,000		3,406,377
Hormel Foods Corp., 1.70%, 06/03/2028^(b)		1,901,000		1,645,212
Kellogg Co., 4.30%, 05/15/2028		1,524,000		1,467,423
Mondelez International, Inc., 4.13%, 05/07/2028		1,169,000		1,131,981

				10,061,487

Gas Utilities-0.32%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028		2,300,000		2,296,049

Ground Transportation-1.20%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028^(b)		1,301,000		1,245,909
CSX Corp., 3.80%, 03/01/2028		2,023,000		1,927,562
Ryder System, Inc.
5.65%, 03/01/2028^(b)		1,270,000		1,273,943
5.25%, 06/01/2028		1,642,000		1,622,541
Union Pacific Corp., 3.95%, 09/10/2028		2,669,000		2,569,744

				8,639,699

Health Care Equipment & Supplies-1.60%
Abbott Laboratories, 1.15%, 01/30/2028^(b)		1,697,000		1,465,864
Baxter International, Inc., 2.27%, 12/01/2028^(b)		3,160,000		2,712,748
Becton, Dickinson and Co., 4.69%, 02/13/2028		2,030,000		1,994,694
Edwards Lifesciences Corp., 4.30%, 06/15/2028^(b)		1,520,000		1,462,652
Medtronic Global Holdings S.C.A., 4.25%, 11/15/2027		2,530,000		2,462,198
Stryker Corp., 3.65%, 03/07/2028		1,525,000		1,448,544

				11,546,700

Health Care Providers & Services-5.86%
Centene Corp., 2.45%, 07/15/2028		5,727,000		4,909,546
Cigna Group (The), 4.38%, 10/15/2028		9,620,000		9,269,692
CVS Health Corp., 4.30%, 03/25/2028		12,670,000		12,175,648
Elevance Health, Inc., 4.10%, 03/01/2028^(b)		3,172,000		3,039,283
HCA, Inc.
5.20%, 06/01/2028		2,500,000		2,464,228
5.63%, 09/01/2028^(b)		3,740,000		3,736,322
Humana, Inc., 5.75%, 03/01/2028		1,250,000		1,273,269

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		125

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023


	Principal Amount		Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.
5.25%, 02/15/2028^(b)	$	2,490,000	$	2,539,221
3.85%, 06/15/2028^(b)		2,910,000		2,791,028

				42,198,237

Health Care REITs-0.80%
Healthpeak OP LLC, 2.13%, 12/01/2028^(b)		1,301,000		1,113,027
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028		1,400,000		1,316,363
Ventas Realty L.P., 4.00%, 03/01/2028		1,650,000		1,534,733
Welltower OP LLC, 4.25%, 04/15/2028		1,901,000		1,801,683

				5,765,806

Hotels, Restaurants & Leisure-1.44%
Booking Holdings, Inc., 3.55%, 03/15/2028		1,270,000		1,200,149
Expedia Group, Inc., 3.80%, 02/15/2028		2,530,000		2,359,735
McDonald’s Corp.
3.80%, 04/01/2028^(b)		2,664,000		2,548,592
4.80%, 08/14/2028		1,000,000		995,875
Starbucks Corp.
3.50%, 03/01/2028		1,519,000		1,427,093
4.00%, 11/15/2028		1,900,000		1,819,407

				10,350,851

Household Products-0.55%
Clorox Co. (The), 3.90%, 05/15/2028^(b)		1,305,000		1,240,340
Colgate-Palmolive Co., 4.60%, 03/01/2028^(b)		1,250,000		1,254,959
Procter & Gamble Co. (The), 3.95%, 01/26/2028		1,520,000		1,492,989

				3,988,288

Independent Power and Renewable Electricity Producers-0.31%
AES Corp. (The), 5.45%, 06/01/2028		2,280,000		2,238,965

Industrial Conglomerates-0.37%
3M Co., 3.63%, 09/14/2028^(b)		1,500,000		1,404,713
Honeywell International, Inc., 4.95%, 02/15/2028		1,263,000		1,276,554

				2,681,267

Industrial REITs-0.26%
Prologis L.P., 4.88%, 06/15/2028^(b)		1,900,000		1,881,716

Insurance-0.36%
Lincoln National Corp., 3.80%, 03/01/2028^(b)		1,240,000		1,136,342
Willis North America, Inc., 4.50%, 09/15/2028		1,525,000		1,454,628

				2,590,970

Interactive Media & Services-0.52%
Meta Platforms, Inc., 4.60%, 05/15/2028^(b)		3,800,000		3,768,829

IT Services-0.53%
DXC Technology Co., 2.38%, 09/15/2028^(b)		1,650,000		1,361,447
International Business Machines Corp., 4.50%, 02/06/2028^(b)		2,500,000		2,450,421

				3,811,868


	Principal Amount		Value
Life Sciences Tools & Services-0.36%
Revvity, Inc., 1.90%, 09/15/2028	$	1,269,000	$	1,076,410
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028^(b)		1,769,000		1,524,890

				2,601,300

Machinery-2.23%
CNH Industrial Capital LLC, 4.55%, 04/10/2028^(b)		1,520,000		1,471,230
Ingersoll Rand, Inc., 5.40%, 08/14/2028		1,000,000		1,002,802
John Deere Capital Corp.
4.75%, 01/20/2028^(b)		2,790,000		2,779,314
4.90%, 03/03/2028		1,650,000		1,656,519
1.50%, 03/06/2028		1,301,000		1,126,573
4.95%, 07/14/2028		3,800,000		3,815,236
Wabtec Corp., 4.95%, 09/15/2028		3,200,000		3,088,338
Xylem, Inc., 1.95%, 01/30/2028		1,264,000		1,110,072

				16,050,084

Marine Transportation-0.16%
Kirby Corp., 4.20%, 03/01/2028		1,250,000		1,174,881

Media-2.32%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
3.75%, 02/15/2028		2,530,000		2,316,905
4.20%, 03/15/2028		3,170,000		2,954,598
Comcast Corp.
3.15%, 02/15/2028		4,180,000		3,881,248
3.55%, 05/01/2028		2,530,000		2,390,798
Discovery Communications LLC, 3.95%, 03/20/2028^(b)		4,310,000		4,010,746
Paramount Global, 3.38%, 02/15/2028^(b).		1,267,000		1,125,694

				16,679,989

Metals & Mining-0.48%
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		1,208,000		1,121,776
4.38%, 08/01/2028		1,149,000		1,067,283
Nucor Corp., 3.95%, 05/01/2028		1,300,000		1,237,720

				3,426,779

Multi-Utilities-1.68%
DTE Electric Co., Series A, 1.90%, 04/01/2028		1,455,000		1,278,067
DTE Energy Co., 4.88%, 06/01/2028^(b)		2,030,000		1,986,211
National Grid PLC (United Kingdom), 5.60%, 06/12/2028		1,800,000		1,804,657
NiSource, Inc., 5.25%, 03/30/2028		2,620,000		2,610,590
San Diego Gas & Electric Co., 4.95%, 08/15/2028		1,000,000		990,645
Sempra, 3.40%, 02/01/2028^(b)		2,534,000		2,346,893
WEC Energy Group, Inc., 2.20%, 12/15/2028		1,268,000		1,097,390

				12,114,453

Oil, Gas & Consumable Fuels-5.68%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028		1,992,000		1,875,323
Chevron USA, Inc., 3.85%, 01/15/2028		1,521,000		1,471,374

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		126

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Continental Resources, Inc., 4.38%, 01/15/2028^(b)	$	2,531,000	$	2,384,577
Energy Transfer L.P.
5.55%, 02/15/2028		2,530,000		2,523,395
4.95%, 05/15/2028		2,030,000		1,973,244
4.95%, 06/15/2028		2,535,000		2,456,571
EQT Corp., 5.70%, 04/01/2028		1,250,000		1,245,642
Equinor ASA (Norway), 3.63%, 09/10/2028^(b)		2,600,000		2,471,789
Kinder Morgan, Inc., 4.30%, 03/01/2028		3,171,000		3,024,814
MPLX L.P., 4.00%, 03/15/2028		3,119,000		2,929,969
Occidental Petroleum Corp., 6.38%, 09/01/2028		1,460,000		1,486,163
ONEOK, Inc., 4.55%, 07/15/2028		2,029,000		1,935,811
Ovintiv, Inc., 5.65%, 05/15/2028		1,800,000		1,787,336
Phillips 66, 3.90%, 03/15/2028		2,031,000		1,924,737
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028^(b)		3,417,000		3,237,999
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028		3,551,000		3,383,022
Valero Energy Corp., 4.35%, 06/01/2028		1,501,000		1,437,993
Valero Energy Partners L.P., 4.50%, 03/15/2028		1,150,000		1,107,646
Williams Cos., Inc. (The), 5.30%, 08/15/2028		2,300,000		2,289,619

				40,947,024

Passenger Airlines-0.14%
Delta Air Lines, Inc., 4.38%, 04/19/2028^(b)		1,099,000		1,039,077

Personal Care Products-0.68%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028		1,800,000		1,758,186
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028		3,310,000		3,148,816

				4,907,002

Pharmaceuticals-4.50%
AstraZeneca Finance LLC (United Kingdom)
4.88%, 03/03/2028		2,784,000		2,776,219
1.75%, 05/28/2028^(b)		3,200,000		2,778,452
Bristol-Myers Squibb Co., 3.90%, 02/20/2028		3,670,000		3,525,329
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028^(b)		4,430,000		4,273,382
Johnson & Johnson, 2.90%, 01/15/2028^(b)		3,800,000		3,562,772
Merck & Co., Inc.
4.05%, 05/17/2028^(b)		1,270,000		1,240,297
1.90%, 12/10/2028^(b)		2,530,000		2,200,195
Pfizer, Inc., 3.60%, 09/15/2028^(b)		2,530,000		2,412,255
Pharmacia LLC, 6.60%, 12/01/2028		1,685,000		1,816,983
Sanofi, 3.63%, 06/19/2028^(b)		2,442,000		2,359,258
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		4,300,000		4,267,366
Zoetis, Inc., 3.90%, 08/20/2028		1,270,000		1,214,657

				32,427,165


	Principal Amount		Value
Professional Services-0.69%
Automatic Data Processing, Inc., 1.70%, 05/15/2028^(b)	$	2,534,000	$	2,219,522
Concentrix Corp., 6.60%, 08/02/2028		1,000,000		979,876
Equifax, Inc., 5.10%, 06/01/2028		1,775,000		1,737,189

				4,936,587

Residential REITs-0.51%
American Homes 4 Rent L.P., 4.25%, 02/15/2028		1,301,000		1,232,009
ERP Operating L.P., 3.50%, 03/01/2028		1,267,000		1,181,959
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028^(b)		1,517,000		1,290,525

				3,704,493

Retail REITs-0.62%
Realty Income Corp.
3.40%, 01/15/2028^(b)		1,511,000		1,403,050
3.65%, 01/15/2028		1,371,000		1,283,579
Simon Property Group L.P., 1.75%, 02/01/2028		2,031,000		1,745,143

				4,431,772

Semiconductors & Semiconductor Equipment-2.46%
Analog Devices, Inc., 1.70%, 10/01/2028		1,900,000		1,630,879
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028		1,970,000		1,817,789
Intel Corp.
4.88%, 02/10/2028		4,430,000		4,405,552
1.60%, 08/12/2028^(b)		2,532,000		2,177,057
Marvell Technology, Inc., 2.45%, 04/15/2028		1,900,000		1,667,577
Micron Technology, Inc., 5.38%, 04/15/2028		1,520,000		1,495,134
NVIDIA Corp., 1.55%, 06/15/2028		3,172,000		2,756,569
Texas Instruments, Inc., 4.60%, 02/15/2028^(b)		1,749,000		1,741,169

				17,691,726

Software-2.17%
Oracle Corp.
2.30%, 03/25/2028		5,067,000		4,461,825
4.50%, 05/06/2028^(b)		1,900,000		1,844,181
Roper Technologies, Inc., 4.20%, 09/15/2028		2,023,000		1,929,084
Salesforce, Inc.
3.70%, 04/11/2028		3,800,000		3,642,853
1.50%, 07/15/2028		2,530,000		2,177,966
VMware, Inc., 1.80%, 08/15/2028		1,900,000		1,593,500

				15,649,409

Specialized REITs-2.67%
American Tower Corp.
3.60%, 01/15/2028		1,800,000		1,662,970
1.50%, 01/31/2028		1,649,000		1,386,685
5.50%, 03/15/2028		1,778,000		1,770,111
5.25%, 07/15/2028^(b)		1,645,000		1,621,298
Crown Castle, Inc.
5.00%, 01/11/2028^(b)		2,530,000		2,485,593
3.80%, 02/15/2028		2,530,000		2,355,353
4.80%, 09/01/2028		1,490,000		1,447,620

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		127

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023


	Principal Amount		Value
Specialized REITs-(continued)
Equinix, Inc., 1.55%, 03/15/2028^(b)	$	1,640,000	$	1,388,108
Extra Space Storage L.P., 5.70%, 04/01/2028		1,250,000		1,256,546
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028		1,301,000		1,265,437
Public Storage Operating Co.
1.85%, 05/01/2028		1,620,000		1,407,674
1.95%, 11/09/2028		1,389,000		1,195,765

				19,243,160

Specialty Retail-1.72%
Dell International LLC/EMC Corp., 5.25%, 02/01/2028^(b)		2,530,000		2,525,249
Home Depot, Inc. (The)
0.90%, 03/15/2028		1,269,000		1,072,315
1.50%, 09/15/2028^(b)		2,530,000		2,162,580
Lowe’s Cos., Inc.
1.30%, 04/15/2028		2,535,000		2,146,418
1.70%, 09/15/2028		2,530,000		2,155,188
O’Reilly Automotive, Inc., 4.35%, 06/01/2028^(b)		1,301,000		1,263,673
TJX Cos., Inc. (The), 1.15%, 05/15/2028 .		1,262,000		1,073,041

				12,398,464

Technology Hardware, Storage & Peripherals-2.47%
Apple, Inc.
1.20%, 02/08/2028^(b)		6,335,000		5,479,472
4.00%, 05/10/2028		3,800,000		3,716,316
1.40%, 08/05/2028^(b)		5,826,000		5,012,897
Hewlett Packard Enterprise Co., 5.25%, 07/01/2028		1,390,000		1,378,916
HP, Inc., 4.75%, 01/15/2028		2,278,000		2,219,825

				17,807,426

Tobacco-1.57%
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028		4,430,000		3,812,113
B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028		2,530,000		2,400,423
Philip Morris International, Inc.
4.88%, 02/15/2028^(b)		3,930,000		3,881,674
3.13%, 03/02/2028		1,304,000		1,198,725

				11,292,935

Trading Companies & Distributors-0.39%
Air Lease Corp.
5.30%, 02/01/2028		1,770,000		1,739,926
2.10%, 09/01/2028^(b)		1,265,000		1,066,096

				2,806,022

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Water Utilities-0.21%
American Water Capital Corp., 3.75%, 09/01/2028	$	1,600,000	$	1,521,269

Wireless Telecommunication Services-2.39%
Sprint Capital Corp., 6.88%, 11/15/2028		6,269,000		6,628,477
T-Mobile USA, Inc.
4.75%, 02/01/2028^(b)		3,800,000		3,693,685
4.95%, 03/15/2028^(b)		2,530,000		2,496,028
4.80%, 07/15/2028^(b)		2,280,000		2,230,145
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028^(b)		2,240,000		2,200,578

				17,248,913

Total U.S. Dollar Denominated Bonds & Notes (Cost $746,413,336)				712,280,468

	Shares
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $70,749)		70,749		70,749

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.88% (Cost $746,484,085)				712,351,217


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.35%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		44,945,202		44,945,202
Invesco Private Prime Fund, 5.51%^(c)(d)(e).		116,108,652		116,108,652

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $161,050,442)				161,053,854

TOTAL INVESTMENTS IN SECURITIES-121.23% (Cost $907,534,527)				873,405,071
OTHER ASSETS LESS LIABILITIES-(21.23)%				(152,976,571	)

NET ASSETS-100.00%			$	720,428,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		128

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	390,263		$	25,284,614		$	(25,604,128	)		$	-		$	-			$	70,749		$	86,847

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,844,006			169,069,146			(138,967,950	)			-			-				44,945,202			1,207,384	*

Invesco Private Prime Fund			38,170,302			391,619,599			(313,670,886	)			59			(10,422	)			116,108,652			3,234,128	*

Total		$	53,404,571		$	585,973,359		$	(478,242,964	)		$	59		$	(10,422	)		$	161,124,603		$	4,528,359

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		129

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.77%
Aerospace & Defense-0.97%
Boeing Co. (The), 3.20%, 03/01/2029	$	1,952,000	$	1,756,034
Howmet Aerospace, Inc., 3.00%, 01/15/2029		1,370,000		1,182,836
RTX Corp., 7.50%, 09/15/2029		810,000		903,413

				3,842,283

Air Freight & Logistics-0.35%
United Parcel Service, Inc., 3.40%, 03/15/2029		1,469,000		1,376,295

Automobile Components-0.28%
American Honda Finance Corp., 2.25%, 01/12/2029		1,285,000		1,120,036

Automobiles-1.32%
General Motors Co., 5.40%, 10/15/2029^(b)		1,962,000		1,898,022
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029		947,000		852,400
Toyota Motor Credit Corp.
3.65%, 01/08/2029		974,000		919,411
4.45%, 06/29/2029^(b)		1,556,000		1,526,322

				5,196,155

Banks-5.88%
KeyCorp, 2.55%, 10/01/2029		1,451,000		1,151,249
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 03/07/2029		2,923,000		2,707,096
3.20%, 07/18/2029^(b)		3,400,000		3,007,458
PNC Bank N.A., 2.70%, 10/22/2029		1,500,000		1,259,518
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		2,942,000		2,656,448
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.47%, 01/14/2029		1,000,000		858,333
3.04%, 07/16/2029		4,860,000		4,246,979
2.72%, 09/27/2029^(b)		900,000		767,334
Truist Financial Corp., 3.88%, 03/19/2029		1,272,000		1,137,946
Wells Fargo & Co., 4.15%, 01/24/2029		4,880,000		4,605,433
Zions Bancorporation N.A., 3.25%, 10/29/2029		1,000,000		786,325

				23,184,119

Beverages-3.71%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		8,291,000		8,218,483
Coca-Cola Co. (The), 2.13%, 09/06/2029		1,952,000		1,706,950
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029		2,050,000		1,774,143
Keurig Dr Pepper, Inc., 3.95%, 04/15/2029^(b)		1,951,000		1,838,554
PepsiCo, Inc., 7.00%, 03/01/2029		991,000		1,102,798

				14,640,928

Biotechnology-3.34%
AbbVie, Inc., 3.20%, 11/21/2029		10,608,000		9,567,923


	Principal Amount		Value
Biotechnology-(continued)
Amgen, Inc.
3.00%, 02/22/2029^(b)	$	1,464,000	$	1,324,660
4.05%, 08/18/2029^(b)		2,438,000		2,305,135

				13,197,718

Broadline Retail-1.43%
Amazon.com, Inc.
3.45%, 04/13/2029^(b)		2,892,000		2,723,342
4.65%, 12/01/2029^(b)		2,929,000		2,919,551

				5,642,893

Building Products-0.31%
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029^(b)		1,370,000		1,209,352

Capital Markets-3.96%
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029		1,464,000		1,308,728
BlackRock, Inc., 3.25%, 04/30/2029		1,951,000		1,804,998
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029		1,948,000		1,865,236
Charles Schwab Corp. (The)
4.00%, 02/01/2029		1,183,000		1,113,530
3.25%, 05/22/2029		1,169,000		1,042,283
Lazard Group LLC, 4.38%, 03/11/2029		1,004,000		943,158
Nomura Holdings, Inc. (Japan)
2.71%, 01/22/2029		1,000,000		849,023
5.61%, 07/06/2029		1,110,000		1,090,244
Northern Trust Corp., 3.15%, 05/03/2029^(b)		971,000		883,074
S&P Global, Inc.
2.70%, 03/01/2029		2,397,000		2,144,776
4.25%, 05/01/2029^(b)		1,800,000		1,734,510
2.50%, 12/01/2029		965,000		840,666

				15,620,226

Chemicals-2.69%
Celanese US Holdings LLC, 6.33%, 07/15/2029^(b)		1,460,000		1,452,332
Dow Chemical Co. (The), 7.38%, 11/01/2029		1,521,000		1,670,421
FMC Corp., 3.45%, 10/01/2029		960,000		836,002
Huntsman International LLC, 4.50%, 05/01/2029		1,461,000		1,354,152
Nutrien Ltd. (Canada), 4.20%, 04/01/2029		1,460,000		1,375,197
Olin Corp., 5.63%, 08/01/2029^(b)		1,309,000		1,257,168
Rohm & Haas Co., 7.85%, 07/15/2029		1,120,000		1,238,692
Sherwin-Williams Co. (The), 2.95%, 08/15/2029		1,600,000		1,410,916

				10,594,880

Commercial Services & Supplies-0.58%
Waste Connections, Inc., 3.50%, 05/01/2029^(b)		972,000		896,576
Waste Management, Inc., 4.88%, 02/15/2029		1,400,000		1,389,720

				2,286,296

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		130

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2023


	Principal Amount		Value
Communications Equipment-0.60%
Juniper Networks, Inc., 3.75%, 08/15/2029	$	949,000	$	863,796
Motorola Solutions, Inc., 4.60%, 05/23/2029		1,556,000		1,500,333

				2,364,129

Consumer Finance-1.51%
American Express Co., 4.05%, 05/03/2029^(b)		1,952,000		1,855,545
General Motors Financial Co., Inc.
5.65%, 01/17/2029		996,000		979,812
4.30%, 04/06/2029		2,153,000		1,969,636
Synchrony Financial, 5.15%, 03/19/2029		1,273,000		1,168,840

				5,973,833

Consumer Staples Distribution & Retail-1.36%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029		973,000		1,040,963
Kroger Co. (The), 4.50%, 01/15/2029		1,167,000		1,128,927
Target Corp., 3.38%, 04/15/2029^(b)		1,975,000		1,848,492
Walmart, Inc., 3.25%, 07/08/2029		1,433,000		1,335,381

				5,353,763

Containers & Packaging-0.57%
Packaging Corp. of America, 3.00%, 12/15/2029^(b)		968,000		846,061
WRKCo, Inc., 4.90%, 03/15/2029^(b)		1,464,000		1,410,026

				2,256,087

Diversified Consumer Services-0.45%
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029		1,849,000		1,758,069

Diversified REITs-0.59%
Digital Realty Trust L.P., 3.60%, 07/01/2029		1,759,000		1,587,984
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		968,000		738,466

				2,326,450

Diversified Telecommunication Services-3.69%
AT&T, Inc., 4.35%, 03/01/2029^(b)		5,853,000		5,539,990
Verizon Communications, Inc.
3.88%, 02/08/2029^(b)		1,951,000		1,824,117
4.02%, 12/03/2029		7,730,000		7,189,839

				14,553,946

Electric Utilities-4.39%
Avangrid, Inc., 3.80%, 06/01/2029		1,464,000		1,330,163
Duke Energy Corp., 3.40%, 06/15/2029		1,172,000		1,061,097
Duke Energy Florida LLC, 2.50%, 12/01/2029		1,363,000		1,176,898
Duke Energy Progress LLC, 3.45%, 03/15/2029		1,166,000		1,072,284
Edison International, 6.95%, 11/15/2029		1,075,000		1,134,186
Evergy, Inc., 2.90%, 09/15/2029		1,560,000		1,358,920
Eversource Energy, Series O, 4.25%, 04/01/2029		977,000		929,379
MidAmerican Energy Co., 3.65%, 04/15/2029		1,658,000		1,546,473
Nevada Power Co., Series CC, 3.70%, 05/01/2029		969,000		899,947


	Principal Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc.
3.50%, 04/01/2029	$	967,000	$	883,190
2.75%, 11/01/2029		1,932,000		1,671,749
Pacific Gas and Electric Co., 6.10%, 01/15/2029		1,660,000		1,642,115
Southern California Edison Co., Series A, 4.20%, 03/01/2029		966,000		917,195
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029		979,000		869,385
Xcel Energy, Inc., 2.60%, 12/01/2029		966,000		828,268

				17,321,249

Electronic Equipment, Instruments & Components-0.75%
Amphenol Corp., 4.35%, 06/01/2029		980,000		944,365
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029		1,352,000		1,175,835
Keysight Technologies, Inc., 3.00%, 10/30/2029		966,000		846,698

				2,966,898

Energy Equipment & Services-0.45%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029		1,016,000		905,712
NOV, Inc., 3.60%, 12/01/2029^(b)		976,000		875,814

				1,781,526

Entertainment-1.93%
Netflix, Inc., 6.38%, 05/15/2029		1,561,000		1,643,337
Walt Disney Co. (The), 2.00%, 09/01/2029		3,905,000		3,312,689
Warnermedia Holdings, Inc., 4.05%, 03/15/2029^(b)		2,910,000		2,677,334

				7,633,360

Financial Services-3.71%
Blackstone Private Credit Fund, 4.00%, 01/15/2029^(b)		1,250,000		1,074,943
Corebridge Financial, Inc., 3.85%, 04/05/2029		1,950,000		1,785,829
Fidelity National Information Services, Inc., 3.75%, 05/21/2029^(b)		1,174,000		1,090,509
Fiserv, Inc., 3.50%, 07/01/2029		5,857,000		5,350,149
Global Payments, Inc., 5.30%, 08/15/2029		977,000		954,366
Mastercard, Inc., 2.95%, 06/01/2029		1,942,000		1,761,032
PayPal Holdings, Inc., 2.85%, 10/01/2029		2,944,000		2,605,306

				14,622,134

Food Products-0.47%
Tyson Foods, Inc., 4.35%, 03/01/2029		1,952,000		1,848,388

Gas Utilities-0.27%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029		1,175,000		1,066,621

Ground Transportation-0.83%
CSX Corp., 4.25%, 03/15/2029		1,898,000		1,833,973
Union Pacific Corp., 3.70%, 03/01/2029		1,511,000		1,433,675

				3,267,648

Health Care Equipment & Supplies-0.35%
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029^(b)		1,556,000		1,372,810

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		131

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2023


	Principal Amount		Value
Health Care Providers & Services-6.04%
Centene Corp., 4.63%, 12/15/2029	$	6,399,000	$	5,889,928
CommonSpirit Health, 3.35%, 10/01/2029		1,740,000		1,551,896
CVS Health Corp., 5.00%, 01/30/2029		1,949,000		1,920,903
Elevance Health, Inc., 2.88%, 09/15/2029		1,609,000		1,422,469
HCA, Inc.
5.88%, 02/01/2029		1,952,000		1,965,093
4.13%, 06/15/2029		3,938,000		3,639,406
Humana, Inc., 3.70%, 03/23/2029		1,464,000		1,356,188
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		1,267,000		1,115,424
Quest Diagnostics, Inc., 4.20%, 06/30/2029		976,000		934,802
UnitedHealth Group, Inc.
4.25%, 01/15/2029^(b)		2,440,000		2,368,160
4.00%, 05/15/2029		1,759,000		1,682,444

				23,846,713

Health Care REITs-1.31%
Healthpeak OP LLC, 3.50%, 07/15/2029		1,271,000		1,142,882
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029		976,000		828,563
Ventas Realty L.P., 4.40%, 01/15/2029		1,466,000		1,377,850
Welltower OP LLC
2.05%, 01/15/2029		980,000		822,259
4.13%, 03/15/2029		1,070,000		994,426

				5,165,980

Hotels, Restaurants & Leisure-0.84%
Marriott International, Inc., 4.90%, 04/15/2029		1,560,000		1,519,715
Starbucks Corp., 3.55%, 08/15/2029		1,952,000		1,809,170

				3,328,885

Household Durables-0.57%
Leggett & Platt, Inc., 4.40%, 03/15/2029^(b).		976,000		922,912
Whirlpool Corp., 4.75%, 02/26/2029^(b)		1,363,000		1,327,235

				2,250,147

Household Products-0.56%
Clorox Co. (The), 4.40%, 05/01/2029^(b)		976,000		945,872
Kimberly-Clark Corp., 3.20%, 04/25/2029^(b)		1,367,000		1,267,239

				2,213,111

Industrial Conglomerates-1.15%
3M Co.
3.38%, 03/01/2029^(b)		1,553,000		1,423,766
2.38%, 08/26/2029^(b)		1,934,000		1,668,718
Honeywell International, Inc., 4.25%, 01/15/2029		1,469,000		1,428,646

				4,521,130

Insurance-2.77%
Aon Corp., 3.75%, 05/02/2029		1,470,000		1,369,619
CNA Financial Corp., 3.90%, 05/01/2029		973,000		906,646
CNO Financial Group, Inc., 5.25%, 05/30/2029		977,000		931,640
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		1,169,000		1,024,471
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		2,922,000		2,831,680


	Principal Amount		Value
Insurance-(continued)
PartnerRe Finance B LLC, 3.70%, 07/02/2029^(b)	$	951,000	$	863,541
Principal Financial Group, Inc., 3.70%, 05/15/2029		960,000		880,002
Progressive Corp. (The), 4.00%, 03/01/2029		1,069,000		1,029,638
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		1,174,000		1,074,078

				10,911,315

IT Services-1.49%
International Business Machines Corp., 3.50%, 05/15/2029		6,370,000		5,880,670

Leisure Products-0.40%
Hasbro, Inc., 3.90%, 11/19/2029^(b)		1,760,000		1,597,205

Life Sciences Tools & Services-0.77%
Revvity, Inc., 3.30%, 09/15/2029		1,657,000		1,474,383
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029		1,772,000		1,555,771

				3,030,154

Machinery-2.29%
Caterpillar, Inc., 2.60%, 09/19/2029		960,000		859,292
Deere & Co., 5.38%, 10/16/2029^(b)		962,000		993,967
John Deere Capital Corp.
3.45%, 03/07/2029		1,166,000		1,086,189
3.35%, 04/18/2029		1,159,000		1,076,951
Parker-Hannifin Corp.
3.25%, 06/14/2029		1,951,000		1,766,052
4.50%, 09/15/2029		1,955,000		1,890,983
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029		1,468,000		1,371,356

				9,044,790

Media-2.15%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
2.25%, 01/15/2029		2,440,000		2,028,236
5.05%, 03/30/2029		2,440,000		2,324,841
Comcast Corp., 4.55%, 01/15/2029		1,940,000		1,902,475
Discovery Communications LLC, 4.13%, 05/15/2029		1,460,000		1,341,191
Paramount Global, 4.20%, 06/01/2029^(b)		976,000		874,213

				8,470,956

Metals & Mining-0.23%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029^(b)		976,000		926,209

Multi-Utilities-0.47%
Consumers Energy Co., 4.90%, 02/15/2029		114,000		113,258
DTE Energy Co., Series C, 3.40%, 06/15/2029		933,000		837,835
Sempra, 3.70%, 04/01/2029		976,000		891,879

				1,842,972

Office REITs-0.36%
Boston Properties L.P., 3.40%, 06/21/2029		1,662,000		1,423,734

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		132

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-7.71%
Boardwalk Pipelines L.P., 4.80%, 05/03/2029	$	976,000	$	929,804
Cheniere Energy Partners L.P., 4.50%, 10/01/2029		2,922,000		2,699,071
Chevron USA, Inc., 3.25%, 10/15/2029		975,000		894,722
ConocoPhillips Co., 6.95%, 04/15/2029		2,333,000		2,568,307
DCP Midstream Operating L.P., 5.13%, 05/15/2029		1,169,000		1,141,073
Diamondback Energy, Inc., 3.50%, 12/01/2029		1,798,000		1,627,823
Enbridge, Inc. (Canada), 3.13%, 11/15/2029		1,953,000		1,726,190
Energy Transfer L.P.
5.25%, 04/15/2029		2,939,000		2,873,084
4.15%, 09/15/2029		1,054,000		970,326
Enterprise Products Operating LLC, 3.13%, 07/31/2029		2,440,000		2,187,693
Exxon Mobil Corp., 2.44%, 08/16/2029		2,458,000		2,170,285
MPLX L.P., 4.80%, 02/15/2029		1,474,000		1,421,023
ONEOK, Inc., 4.35%, 03/15/2029		1,367,000		1,279,155
Phillips 66 Co., 3.15%, 12/15/2029		1,110,000		979,371
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029		2,928,000		2,545,954
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029		1,322,000		1,341,420
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029^(b)		2,440,000		2,272,806
Valero Energy Corp., 4.00%, 04/01/2029		833,000		787,042

				30,415,149

Paper & Forest Products-0.27%
Georgia-Pacific LLC, 7.75%, 11/15/2029		946,000		1,063,013

Passenger Airlines-0.21%
Delta Air Lines, Inc., 3.75%, 10/28/2029^(b)		925,000		824,027

Personal Care Products-0.64%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029		1,266,000		1,086,175
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029		1,630,000		1,420,585

				2,506,760

Pharmaceuticals-3.44%
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029^(b)		1,960,000		1,881,336
Eli Lilly and Co., 3.38%, 03/15/2029		1,830,000		1,712,744
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029^(b)		1,947,000		1,814,563
Haleon US Capital LLC, 3.38%, 03/24/2029^(b)		1,980,000		1,811,296
Merck & Co., Inc., 3.40%, 03/07/2029		3,417,000		3,183,929
Pfizer, Inc., 3.45%, 03/15/2029		3,385,000		3,176,171

				13,580,039

Professional Services-0.32%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		1,464,000		1,263,504


	Principal Amount		Value
Residential REITs-0.76%
Camden Property Trust, 3.15%, 07/01/2029^(b)	$	1,160,000	$	1,044,050
ERP Operating L.P., 3.00%, 07/01/2029		1,172,000		1,044,627
Essex Portfolio L.P., 4.00%, 03/01/2029		980,000		906,975

				2,995,652

Retail REITs-1.00%
Realty Income Corp.
3.25%, 06/15/2029^(b)		973,000		879,701
3.10%, 12/15/2029		1,130,000		999,196
Simon Property Group L.P., 2.45%, 09/13/2029		2,440,000		2,067,597

				3,946,494

Semiconductors & Semiconductor Equipment-3.81%
Intel Corp.
4.00%, 08/05/2029		1,658,000		1,579,842
2.45%, 11/15/2029		3,905,000		3,393,778
KLA Corp., 4.10%, 03/15/2029		1,556,000		1,496,795
Lam Research Corp., 4.00%, 03/15/2029		1,957,000		1,877,786
Micron Technology, Inc.
5.33%, 02/06/2029		1,363,000		1,337,343
6.75%, 11/01/2029		2,444,000		2,544,938
Qorvo, Inc., 4.38%, 10/15/2029		1,675,000		1,519,090
Texas Instruments, Inc., 2.25%, 09/04/2029^(b)		1,464,000		1,275,477

				15,025,049

Software-1.29%
Oracle Corp., 6.15%, 11/09/2029		2,440,000		2,541,254
Roper Technologies, Inc., 2.95%, 09/15/2029		1,363,000		1,206,615
Workday, Inc., 3.70%, 04/01/2029		1,464,000		1,353,744

				5,101,613

Specialized REITs-2.46%
American Tower Corp.
3.95%, 03/15/2029		1,189,000		1,095,275
3.80%, 08/15/2029		3,233,000		2,943,273
Crown Castle, Inc., 4.30%, 02/15/2029		1,169,000		1,099,097
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		1,442,000		1,360,964
Public Storage Operating Co.
5.13%, 01/15/2029		967,000		966,393
3.39%, 05/01/2029		980,000		901,361
Weyerhaeuser Co., 4.00%, 11/15/2029		1,464,000		1,352,733

				9,719,096

Specialty Retail-2.56%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		3,405,000		3,363,585
Home Depot, Inc. (The), 2.95%, 06/15/2029		3,397,000		3,087,616
Lowe’s Cos., Inc., 3.65%, 04/05/2029		2,939,000		2,731,408
O’Reilly Automotive, Inc., 3.90%, 06/01/2029		974,000		914,624

				10,097,233

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		133

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2023


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-1.88%
Apple, Inc.
3.25%, 08/08/2029^(b)	$	1,962,000	$	1,827,535
2.20%, 09/11/2029		3,417,000		2,997,155
HP, Inc., 4.00%, 04/15/2029^(b)		1,954,000		1,824,803
Western Digital Corp., 2.85%, 02/01/2029		976,000		788,232

				7,437,725

Tobacco-2.10%
Altria Group, Inc., 4.80%, 02/14/2029		3,753,000		3,637,905
B.A.T Capital Corp. (United Kingdom), 3.46%, 09/06/2029		978,000		853,504
Philip Morris International, Inc.
3.38%, 08/15/2029		1,464,000		1,318,196
5.63%, 11/17/2029		2,440,000		2,468,284

				8,277,889

Trading Companies & Distributors-0.24%
GATX Corp., 4.70%, 04/01/2029		979,000		931,334

Water Utilities-0.25%
American Water Capital Corp., 3.45%, 06/01/2029		1,078,000		989,857

Wireless Telecommunication Services-1.69%
T-Mobile USA, Inc.
2.63%, 02/15/2029		1,974,000		1,711,165
2.40%, 03/15/2029^(b)		976,000		839,564
3.38%, 04/15/2029		4,586,000		4,115,209

				6,665,938

Total U.S. Dollar Denominated Bonds & Notes (Cost $412,663,788)				389,672,435


	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $133,085)		133,085	$	133,085

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.80% (Cost $412,796,873)				389,805,520


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.84%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		15,281,535		15,281,535
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		39,295,374		39,295,374

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,575,781)				54,576,909

TOTAL INVESTMENTS IN SECURITIES-112.64% (Cost $467,372,654)				444,382,429
OTHER ASSETS LESS LIABILITIES-(12.64)%				(49,862,698	)

NET ASSETS-100.00%.			$	394,519,731

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	226,758		$	12,278,047		$	(12,371,720	)		$	-		$	-			$	133,085		$	45,229

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,112,250			58,561,601			(46,392,316	)			-			-				15,281,535			361,988	*

Invesco Private Prime Fund			8,002,930			134,431,133			(103,134,679	)			555			(4,565	)			39,295,374			968,965	*

Total		$	11,341,938		$	205,270,781		$	(161,898,715	)		$	555		$	(4,565	)		$	54,709,994		$	1,376,182

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		134

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2023

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		135

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.09%
Aerospace & Defense-2.99%
Boeing Co. (The), 5.15%, 05/01/2030	$	5,929,000	$	5,835,961
RTX Corp., 2.25%, 07/01/2030		1,340,000		1,114,658
Textron, Inc., 3.00%, 06/01/2030		870,000		753,597

				7,704,216

Automobile Components-0.68%
American Honda Finance Corp., 4.60%, 04/17/2030		940,000		915,323
Magna International, Inc. (Canada), 2.45%, 06/15/2030		1,001,000		842,963

				1,758,286

Automobiles-0.36%
Toyota Motor Credit Corp., 4.55%, 05/17/2030^(b)		940,000		915,653

Banks-6.75%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030		1,400,000		1,212,823
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030		1,670,000		1,617,896
Citizens Financial Group, Inc., 3.25%, 04/30/2030^(b)		988,000		827,870
Huntington National Bank (The), 5.65%, 01/10/2030		1,200,000		1,168,366
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.56%, 02/25/2030^(b)		1,600,000		1,346,973
2.05%, 07/17/2030		1,600,000		1,288,426
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.71%, 01/13/2030		1,760,000		1,770,631
2.75%, 01/15/2030		1,612,000		1,371,901
2.13%, 07/08/2030		2,030,000		1,636,420
5.85%, 07/13/2030		780,000		789,896
2.14%, 09/23/2030^(b)		1,140,000		902,607
Truist Bank, 2.25%, 03/11/2030		1,750,000		1,391,494
Truist Financial Corp., 1.95%, 06/05/2030		1,002,000		797,164
U.S. Bancorp, 1.38%, 07/22/2030^(b)		1,637,000		1,242,249

				17,364,716

Beverages-2.11%
Coca-Cola Co. (The), 1.65%, 06/01/2030		2,013,000		1,660,134
Constellation Brands, Inc., 2.88%, 05/01/2030		790,000		682,409
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030		1,300,000		1,086,713
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		1,000,000		887,452
PepsiCo, Inc., 1.63%, 05/01/2030		1,340,000		1,103,538

				5,420,246

Biotechnology-3.55%
Amgen, Inc.
2.45%, 02/21/2030		1,670,000		1,421,718
5.25%, 03/02/2030		3,680,000		3,686,981
Biogen, Inc., 2.25%, 05/01/2030		2,010,000		1,655,919


	Principal Amount		Value
Biotechnology-(continued)
Gilead Sciences, Inc., 1.65%, 10/01/2030^(b)	$	1,310,000	$	1,053,267
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		1,670,000		1,329,925

				9,147,810

Broadline Retail-1.27%
Amazon.com, Inc., 1.50%, 06/03/2030		2,680,000		2,180,625
eBay, Inc., 2.70%, 03/11/2030		1,270,000		1,085,355

				3,265,980

Building Products-0.25%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		810,000		649,617

Capital Markets-2.37%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030		1,000,000		923,814
Cboe Global Markets, Inc., 1.63%, 12/15/2030		700,000		551,281
CI Financial Corp. (Canada), 3.20%, 12/17/2030		1,259,000		972,540
Franklin Resources, Inc., 1.60%, 10/30/2030		1,110,000		871,301
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030		1,300,000		1,055,128
Northern Trust Corp., 1.95%, 05/01/2030^(b)		1,340,000		1,104,800
S&P Global, Inc., 1.25%, 08/15/2030^(b)		781,000		615,354

				6,094,218

Chemicals-1.91%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030^(b)		1,210,000		1,022,438
Dow Chemical Co. (The), 2.10%, 11/15/2030^(b)		1,140,000		930,631
EIDP, Inc., 2.30%, 07/15/2030^(b)		670,000		556,575
Linde, Inc., 1.10%, 08/10/2030^(b)		941,000		743,367
LYB International Finance III LLC, 2.25%, 10/01/2030^(b)		667,000		542,431
Nutrien Ltd. (Canada), 2.95%, 05/13/2030^(b)		657,000		567,476
Sherwin-Williams Co. (The), 2.30%, 05/15/2030		670,000		560,162

				4,923,080

Commercial Services & Supplies-0.64%
Republic Services, Inc., 2.30%, 03/01/2030^(b)		800,000		678,188
Waste Management, Inc., 4.63%, 02/15/2030^(b)		1,000,000		978,198

				1,656,386

Communications Equipment-0.38%
Motorola Solutions, Inc., 2.30%, 11/15/2030^(b)		1,210,000		965,119

Construction & Engineering-0.44%
Quanta Services, Inc., 2.90%, 10/01/2030		1,340,000		1,131,159

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		136

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2023


	Principal Amount		Value
Construction Materials-0.55%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030	$	630,000	$	529,980
Vulcan Materials Co., 3.50%, 06/01/2030		986,000		883,831

				1,413,811

Consumer Finance-1.00%
General Motors Financial Co., Inc.
5.85%, 04/06/2030		1,340,000		1,312,997
3.60%, 06/21/2030^(b)		1,473,000		1,265,738

				2,578,735

Consumer Staples Distribution & Retail-1.43%
Costco Wholesale Corp., 1.60%, 04/20/2030		2,343,000		1,934,627
Kroger Co. (The), 2.20%, 05/01/2030^(b)		670,000		551,340
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030^(b)		658,000		558,878
Walmart, Inc., 4.00%, 04/15/2030		670,000		647,762

				3,692,607

Containers & Packaging-0.68%
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030		630,000		519,042
Avery Dennison Corp., 2.65%, 04/30/2030		654,000		546,225
Sonoco Products Co., 3.13%, 05/01/2030^(b)		800,000		691,857

				1,757,124

Distributors-0.20%
Genuine Parts Co., 1.88%, 11/01/2030		658,000		516,369

Diversified Consumer Services-0.57%
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030		1,000,000		879,567
Yale University, Series 2020, 1.48%, 04/15/2030		700,000		576,527

				1,456,094

Diversified REITs-0.49%
VICI Properties L.P., 4.95%, 02/15/2030		1,340,000		1,261,657

Diversified Telecommunication Services-0.85%
Verizon Communications, Inc.
1.50%, 09/18/2030		1,310,000		1,024,342
1.68%, 10/30/2030		1,500,000		1,173,555

				2,197,897

Electric Utilities-5.65%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		790,000		641,429
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030		800,000		628,738
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030^(b)		1,470,000		1,340,969
Duke Energy Carolinas LLC, 2.45%, 02/01/2030		670,000		575,979
Duke Energy Corp., 2.45%, 06/01/2030^(b)		1,140,000		949,536
Duke Energy Florida LLC, 1.75%, 06/15/2030^(b)		666,000		537,263
Entergy Corp., 2.80%, 06/15/2030		790,000		667,069
Eversource Energy, Series R, 1.65%, 08/15/2030^(b)		781,000		615,380
FirstEnergy Corp., 2.65%, 03/01/2030^(b)		800,000		671,125


	Principal Amount		Value
Electric Utilities-(continued)
Florida Power & Light Co., 4.63%, 05/15/2030	$	670,000	$	657,409
NextEra Energy Capital Holdings, Inc.
5.00%, 02/28/2030^(b)		802,000		787,101
2.25%, 06/01/2030		2,680,000		2,204,957
Pacific Gas and Electric Co., 4.55%, 07/01/2030^(b)		4,150,000		3,734,688
PG&E Wildfire Recovery Funding LLC,
Series A-1, 3.59%, 06/01/2030^(b)		572,838		536,332

				14,547,975

Electrical Equipment-0.42%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		670,000		537,161
Emerson Electric Co., 1.95%, 10/15/2030		670,000		552,230

				1,089,391

Electronic Equipment, Instruments & Components-0.43%
Jabil, Inc., 3.60%, 01/15/2030^(b)		650,000		581,894
Teledyne FLIR LLC, 2.50%, 08/01/2030^(b)		630,000		520,433

				1,102,327

Energy Equipment & Services-1.27%
Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor, Inc., 4.49%, 05/01/2030		670,000		646,066
Halliburton Co., 2.92%, 03/01/2030^(b)		1,340,000		1,169,683
Schlumberger Investment S.A., 2.65%, 06/26/2030		1,670,000		1,445,622

				3,261,371

Entertainment-0.20%
Activision Blizzard, Inc., 1.35%, 09/15/2030		650,000		519,789

Financial Services-1.63%
Block Financial LLC, 3.88%, 08/15/2030		898,000		793,860
Fiserv, Inc., 2.65%, 06/01/2030		1,340,000		1,128,030
Global Payments, Inc., 2.90%, 05/15/2030		1,340,000		1,133,446
PayPal Holdings, Inc., 2.30%, 06/01/2030^(b)		1,340,000		1,127,489

				4,182,825

Food Products-2.26%
Campbell Soup Co., 2.38%, 04/24/2030^(b)		670,000		559,184
Hormel Foods Corp., 1.80%, 06/11/2030		1,343,000		1,111,501
Ingredion, Inc., 2.90%, 06/01/2030		800,000		686,101
JM Smucker Co. (The), 2.38%, 03/15/2030		670,000		565,027
Kellogg Co., 2.10%, 06/01/2030		670,000		549,411
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030		990,000		907,732
McCormick & Co., Inc., 2.50%, 04/15/2030		665,000		561,817
Mondelez International, Inc., 2.75%, 04/13/2030		1,000,000		865,238

				5,806,011

Gas Utilities-0.49%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030		650,000		516,423
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		870,000		740,764

				1,257,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		137

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2023


	Principal Amount		Value
Ground Transportation-0.22%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030^(b)	$	668,000	$	554,371

Health Care Equipment & Supplies-2.94%
Abbott Laboratories, 1.40%, 06/30/2030^(b)		870,000		709,665
Becton, Dickinson and Co., 2.82%, 05/20/2030		980,000		848,150
Boston Scientific Corp., 2.65%, 06/01/2030		1,603,000		1,377,121
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		982,000		844,294
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030		1,620,000		1,647,171
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030		1,307,000		1,035,019
Stryker Corp., 1.95%, 06/15/2030		1,340,000		1,108,879

				7,570,299

Health Care Providers & Services-6.53%
Cencora, Inc., 2.80%, 05/15/2030		670,000		578,927
Centene Corp.
3.38%, 02/15/2030		2,610,000		2,236,109
3.00%, 10/15/2030^(b)		2,950,000		2,456,537
Cigna Group (The), 2.40%, 03/15/2030^(b)		2,010,000		1,693,009
CommonSpirit Health, 2.78%, 10/01/2030		737,000		620,071
CVS Health Corp.
5.13%, 02/21/2030		2,010,000		1,980,661
1.75%, 08/21/2030		1,672,000		1,326,607
Elevance Health, Inc., 2.25%, 05/15/2030		1,440,000		1,203,991
Sutter Health, Series 20-A, 2.29%, 08/15/2030		910,000		753,212
UnitedHealth Group, Inc.
5.30%, 02/15/2030		1,670,000		1,704,633
2.00%, 05/15/2030		1,670,000		1,394,176
Universal Health Services, Inc., 2.65%, 10/15/2030		1,070,000		862,658

				16,810,591

Hotel & Resort REITs-0.33%
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		1,000,000		854,252

Hotels, Restaurants & Leisure-2.47%
Booking Holdings, Inc., 4.63%, 04/13/2030^(b)		2,010,000		1,966,432
Marriott International, Inc., Series FF, 4.63%, 06/15/2030		1,340,000		1,270,642
McDonald’s Corp., 2.13%, 03/01/2030^(b)		1,000,000		844,022
Starbucks Corp.
2.25%, 03/12/2030		1,000,000		843,270
2.55%, 11/15/2030		1,700,000		1,442,943

				6,367,309

Household Durables-0.63%
Mohawk Industries, Inc., 3.63%, 05/15/2030^(b)		670,000		603,051
NVR, Inc., 3.00%, 05/15/2030		1,183,000		1,013,621

				1,616,672


	Principal Amount		Value
Household Products-0.73%
Clorox Co. (The), 1.80%, 05/15/2030	$	672,000	$	546,834
Procter & Gamble Co. (The), 1.20%, 10/29/2030		1,670,000		1,336,086

				1,882,920

Industrial Conglomerates-0.43%
Honeywell International, Inc., 1.95%, 06/01/2030		1,340,000		1,117,835

Industrial REITs-0.29%
Prologis L.P., 1.25%, 10/15/2030		980,000		755,545

Insurance-3.98%
Alleghany Corp., 3.63%, 05/15/2030		630,000		582,104
Allstate Corp. (The), 1.45%, 12/15/2030^(b)		790,000		606,668
Aon Corp., 2.80%, 05/15/2030		1,340,000		1,152,217
Berkshire Hathaway Finance Corp.
1.85%, 03/12/2030^(b)		668,000		563,689
1.45%, 10/15/2030		1,001,000		806,490
Brighthouse Financial, Inc., 5.63%, 05/15/2030		818,000		791,775
CNA Financial Corp., 2.05%, 08/15/2030		657,000		526,880
Fidelity National Financial, Inc., 3.40%, 06/15/2030^(b)		870,000		757,077
Loews Corp., 3.20%, 05/15/2030		658,000		582,746
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030		1,000,000		827,725
Principal Financial Group, Inc., 2.13%, 06/15/2030		801,000		654,149
Prudential Financial, Inc., 2.10%, 03/10/2030^(b)		650,000		545,695
Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030		1,310,000		1,156,118
Reinsurance Group of America, Inc., 3.15%, 06/15/2030		800,000		683,766

				10,237,099

Interactive Media & Services-1.46%
Alphabet, Inc., 1.10%, 08/15/2030^(b)		3,010,000		2,413,657
Meta Platforms, Inc., 4.80%, 05/15/2030		1,340,000		1,335,127

				3,748,784

IT Services-0.58%
International Business Machines Corp., 1.95%, 05/15/2030^(b)		1,810,000		1,494,013

Life Sciences Tools & Services-0.21%
Agilent Technologies, Inc., 2.10%, 06/04/2030		659,000		540,111

Machinery-2.22%
Cummins, Inc., 1.50%, 09/01/2030^(b)		1,143,000		918,622
Flowserve Corp., 3.50%, 10/01/2030		635,000		544,746
IDEX Corp., 3.00%, 05/01/2030		670,000		582,720
John Deere Capital Corp.
2.45%, 01/09/2030		720,000		627,881
4.70%, 06/10/2030		1,340,000		1,324,290
Otis Worldwide Corp., 2.57%, 02/15/2030		1,990,000		1,703,624

				5,701,883

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		138

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2023


	Principal Amount		Value
Media-0.71%
Discovery Communications LLC, 3.63%, 05/15/2030^(b)	$	1,340,000	$	1,177,718
Omnicom Group, Inc., 2.45%, 04/30/2030		790,000		655,682

				1,833,400

Metals & Mining-1.57%
Freeport-McMoRan, Inc.
4.25%, 03/01/2030^(b)		598,000		543,306
4.63%, 08/01/2030		750,000		694,378
Newmont Corp., 2.25%, 10/01/2030		1,340,000		1,090,066
Nucor Corp., 2.70%, 06/01/2030^(b)		661,000		566,898
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030		668,000		540,563
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030^(b)		678,000		603,718

				4,038,929

Multi-Utilities-1.02%
NiSource, Inc., 3.60%, 05/01/2030		1,340,000		1,202,438
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030		741,000		584,388
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		1,043,000		831,483

				2,618,309

Oil, Gas & Consumable Fuels-9.29%
BP Capital Markets America, Inc., 1.75%, 08/10/2030		1,340,000		1,087,189
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030		650,000		555,469
Chevron Corp., 2.24%, 05/11/2030		2,010,000		1,722,946
Devon Energy Corp., 4.50%, 01/15/2030		737,000		690,082
Enterprise Products Operating LLC, 2.80%, 01/31/2030		1,670,000		1,448,449
EOG Resources, Inc., 4.38%, 04/15/2030^(b)		1,000,000		972,691
Equinor ASA (Norway), 2.38%, 05/22/2030		1,000,000		859,946
Exxon Mobil Corp., 2.61%, 10/15/2030^(b)		2,680,000		2,323,093
Magellan Midstream Partners L.P., 3.25%, 06/01/2030		670,000		584,737
MPLX L.P., 2.65%, 08/15/2030		2,010,000		1,669,748
Occidental Petroleum Corp.
8.88%, 07/15/2030^(b)		1,310,000		1,503,218
6.63%, 09/01/2030		1,940,000		2,004,735
ONEOK, Inc., 3.10%, 03/15/2030		1,050,000		902,361
Phillips 66, 2.15%, 12/15/2030		1,140,000		923,935
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,470,000		1,187,267
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		1,000,000		885,587
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		1,268,000		1,216,785
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030		940,000		829,426
Western Midstream Operating L.P., 4.05%, 02/01/2030		1,505,000		1,344,041
Williams Cos., Inc. (The), 3.50%, 11/15/2030		1,340,000		1,187,831

				23,899,536


	Principal Amount		Value
Personal Care Products-0.53%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030	$	940,000	$	812,048
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030		700,000		558,199

				1,370,247

Pharmaceuticals-5.86%
AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030		870,000		865,862
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		1,740,000		1,385,077
Bristol-Myers Squibb Co., 1.45%, 11/13/2030^(b)		1,670,000		1,325,216
Johnson & Johnson, 1.30%, 09/01/2030^(b)		2,340,000		1,898,304
Merck & Co., Inc.
4.30%, 05/17/2030^(b)		1,000,000		970,546
1.45%, 06/24/2030		1,673,000		1,350,145
Pfizer, Inc., 1.70%, 05/28/2030^(b)		1,338,000		1,103,568
Royalty Pharma PLC, 2.20%, 09/02/2030		1,339,000		1,067,914
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030^(b)		3,310,000		2,724,703
Viatris, Inc., 2.70%, 06/22/2030^(b)		1,940,000		1,576,742
Zoetis, Inc., 2.00%, 05/15/2030		984,000		810,713

				15,078,790

Professional Services-0.68%
Automatic Data Processing, Inc., 1.25%, 09/01/2030		1,340,000		1,068,007
Equifax, Inc., 3.10%, 05/15/2030		800,000		685,020

				1,753,027

Residential REITs-0.34%
Camden Property Trust, 2.80%, 05/15/2030^(b)		1,000,000		869,361

Retail REITs-1.50%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		1,070,000		967,923
Kimco Realty OP LLC, 2.70%, 10/01/2030		700,000		578,378
Realty Income Corp., 4.85%, 03/15/2030		790,000		765,643
Regency Centers L.P., 3.70%, 06/15/2030		790,000		709,178
Simon Property Group L.P., 2.65%, 07/15/2030		1,000,000		844,676

				3,865,798

Semiconductors & Semiconductor Equipment-2.46%
Applied Materials, Inc., 1.75%, 06/01/2030		980,000		808,360
Intel Corp., 5.13%, 02/10/2030		1,660,000		1,663,905
Lam Research Corp., 1.90%, 06/15/2030		1,000,000		827,400
QUALCOMM, Inc., 2.15%, 05/20/2030^(b)		1,610,000		1,369,861
Texas Instruments, Inc., 1.75%, 05/04/2030		1,000,000		834,316
Xilinx, Inc., 2.38%, 06/01/2030		980,000		838,967

				6,342,809

Software-1.41%
Autodesk, Inc., 2.85%, 01/15/2030		650,000		567,614
Intuit, Inc., 1.65%, 07/15/2030		658,000		531,762
Oracle Corp., 4.65%, 05/06/2030		980,000		941,885
ServiceNow, Inc., 1.40%, 09/01/2030		2,013,000		1,584,435

				3,625,696

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		139

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2023


	Principal Amount		Value
Specialized REITs-0.96%
American Tower Corp.
2.90%, 01/15/2030	$	1,000,000	$	853,085
2.10%, 06/15/2030		1,000,000		799,001
1.88%, 10/15/2030		1,050,000		818,073

				2,470,159

Specialty Retail-2.05%
AutoNation, Inc., 4.75%, 06/01/2030		668,000		622,694
Best Buy Co., Inc., 1.95%, 10/01/2030		871,000		698,636
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		1,000,000		1,029,675
Leidos, Inc., 4.38%, 05/15/2030		1,000,000		922,794
Lowe’s Cos., Inc., 1.70%, 10/15/2030		1,677,000		1,332,627
Tractor Supply Co., 1.75%, 11/01/2030		851,000		665,851

				5,272,277

Technology Hardware, Storage & Peripherals-1.84%
Apple, Inc.
4.15%, 05/10/2030		671,000		656,605
1.65%, 05/11/2030		2,340,000		1,955,160
1.25%, 08/20/2030		1,670,000		1,344,713
NetApp, Inc., 2.70%, 06/22/2030		940,000		784,605

				4,741,083

Textiles, Apparel & Luxury Goods-0.65%
Ralph Lauren Corp., 2.95%, 06/15/2030^(b)		982,000		865,304
VF Corp., 2.95%, 04/23/2030^(b)		980,000		814,134

				1,679,438

Tobacco-2.10%
Altria Group, Inc., 3.40%, 05/06/2030^(b)		1,007,000		885,455
Philip Morris International, Inc.
5.13%, 02/15/2030^(b)		2,950,000		2,917,246
2.10%, 05/01/2030		1,000,000		822,722
1.75%, 11/01/2030		984,000		772,215

				5,397,638

Trading Companies & Distributors-0.83%
Air Lease Corp.
3.00%, 02/01/2030		870,000		731,949
3.13%, 12/01/2030		1,000,000		834,403
GATX Corp., 4.00%, 06/30/2030^(b)		634,000		575,921

				2,142,273

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Water Utilities-0.45%
American Water Capital Corp., 2.80%, 05/01/2030	$	700,000	$	607,079
Essential Utilities, Inc., 2.70%, 04/15/2030		650,000		547,864

				1,154,943

Total U.S. Dollar Denominated Bonds & Notes (Cost $270,097,669)				255,043,053

	Shares
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $42,585)		42,585		42,585

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.11% (Cost $270,140,254)				255,085,638


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.10%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		12,326,202		12,326,202
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		31,695,872		31,695,872

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,021,413)				44,022,074

TOTAL INVESTMENTS IN SECURITIES-116.21% (Cost $314,161,667)				299,107,712
OTHER ASSETS LESS LIABILITIES-(16.21)%				(41,712,023	)

NET ASSETS-100.00%			$	257,395,689

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		140

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	163,411		$	5,708,831		$	(5,829,657	)		$	-		$	-			$	42,585		$	13,419

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,786,892			48,065,235			(37,525,925	)			-			-				12,326,202			300,089	*

Invesco Private Prime Fund			4,594,865			107,262,086			(80,159,306	)			373			(2,146	)			31,695,872			810,054	*


Total		$	6,545,168		$	161,036,152		$	(123,514,888	)		$	373		$	(2,146	)		$	44,064,659		$	1,123,562

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		141

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.07%
Aerospace & Defense-1.84%
Boeing Co. (The), 3.63%, 02/01/2031	$	1,470,000	$	1,313,462
General Dynamics Corp., 2.25%, 06/01/2031		530,000		443,914
L3Harris Technologies, Inc., 1.80%, 01/15/2031		690,000		543,805
RTX Corp., 1.90%, 09/01/2031		1,055,000		827,089
Textron, Inc., 2.45%, 03/15/2031		530,000		436,183

				3,564,453

Air Freight & Logistics-0.45%
FedEx Corp., 2.40%, 05/15/2031		1,061,000		876,545

Automobile Components-0.24%
American Honda Finance Corp., 1.80%, 01/13/2031		590,000		473,718

Automobiles-1.70%
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031		1,600,000		1,952,867
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031^(b)		530,000		445,912
Toyota Motor Credit Corp.
1.65%, 01/10/2031		590,000		471,834
1.90%, 09/12/2031		530,000		424,506

				3,295,119

Banks-1.75%
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		1,100,000		856,361
Royal Bank of Canada (Canada), 2.30%, 11/03/2031		1,600,000		1,288,269
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.71%, 01/12/2031		600,000		462,678
2.22%, 09/17/2031		1,000,000		790,736

				3,398,044

Beverages-2.86%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031		800,000		803,837
Coca-Cola Co. (The)
2.00%, 03/05/2031		800,000		666,271
1.38%, 03/15/2031		1,369,000		1,081,441
Constellation Brands, Inc., 2.25%, 08/01/2031		1,060,000		852,751
Keurig Dr Pepper, Inc., 2.25%, 03/15/2031		530,000		432,030
PepsiCo, Inc.
1.40%, 02/25/2031		790,000		628,762
1.95%, 10/21/2031		1,330,000		1,086,662

				5,551,754

Biotechnology-0.57%
Amgen, Inc., 2.30%, 02/25/2031		1,330,000		1,099,149

Broadline Retail-1.91%
Amazon.com, Inc., 2.10%, 05/12/2031		3,186,000		2,643,936
eBay, Inc., 2.60%, 05/10/2031		800,000		662,263
Kohl’s Corp., 4.63%, 05/01/2031		530,000		390,689

				3,696,888

Building Products-0.82%
Carrier Global Corp., 2.70%, 02/15/2031		800,000		672,097


	Principal Amount		Value
Building Products-(continued)
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031	$	530,000	$	418,256
Masco Corp., 2.00%, 02/15/2031		637,000		503,508

				1,593,861

Capital Markets-4.28%
Ares Capital Corp., 3.20%, 11/15/2031		740,000		575,767
Bank of New York Mellon Corp. (The)
1.65%, 01/28/2031		530,000		421,891
1.80%, 07/28/2031		530,000		417,082
BlackRock, Inc., 1.90%, 01/28/2031		1,330,000		1,080,128
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		522,000		426,488
Charles Schwab Corp. (The)
1.65%, 03/11/2031		770,000		590,348
2.30%, 05/13/2031		800,000		643,276
1.95%, 12/01/2031		900,000		691,068
Jefferies Financial Group, Inc., 2.63%, 10/15/2031		1,051,000		820,372
Moody’s Corp., 2.00%, 08/19/2031		630,000		507,441
Nasdaq, Inc., 1.65%, 01/15/2031^(b)		690,000		540,966
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		1,100,000		865,390
State Street Corp., 2.20%, 03/03/2031		900,000		717,594

				8,297,811

Chemicals-0.26%
Ecolab, Inc., 1.30%, 01/30/2031		640,000		498,995

Commercial Services & Supplies-0.70%
Republic Services, Inc., 1.45%, 02/15/2031		690,000		534,633
Waste Management, Inc., 1.50%, 03/15/2031		1,060,000		827,167

				1,361,800

Communications Equipment-0.38%
Motorola Solutions, Inc., 2.75%, 05/24/2031		900,000		730,684

Construction Materials-0.73%
Eagle Materials, Inc., 2.50%, 07/01/2031		790,000		638,652
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		950,000		769,476

				1,408,128

Consumer Finance-2.56%
Ally Financial, Inc.
8.00%, 11/01/2031		2,100,000		2,172,744
8.00%, 11/01/2031		520,000		542,695
General Motors Financial Co., Inc.
2.35%, 01/08/2031		1,060,000		824,229
2.70%, 06/10/2031		1,060,000		836,526
Synchrony Financial, 2.88%, 10/28/2031		800,000		595,523

				4,971,717

Consumer Staples Distribution & Retail-1.47%
Dollar Tree, Inc., 2.65%, 12/01/2031		850,000		687,084
Kroger Co. (The), 1.70%, 01/15/2031		530,000		412,265
Walmart, Inc., 1.80%, 09/22/2031		2,130,000		1,744,952

				2,844,301

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		142

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2023


	Principal Amount		Value
Containers & Packaging-0.36%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031	$	850,000	$	692,502

Diversified REITs-0.88%
American Assets Trust L.P., 3.38%, 02/01/2031		510,000		396,557
Corporate Office Properties L.P., 2.75%, 04/15/2031		640,000		494,086
Physicians Realty L.P., 2.63%, 11/01/2031		508,000		395,324
W.P. Carey, Inc., 2.40%, 02/01/2031		530,000		424,229

				1,710,196

Diversified Telecommunication Services-5.80%
AT&T, Inc., 2.75%, 06/01/2031		3,190,000		2,637,097
Orange S.A. (France), 9.00%, 03/01/2031		2,620,000		3,179,786
Verizon Communications, Inc.
1.75%, 01/20/2031		2,373,000		1,848,258
2.55%, 03/21/2031		4,350,000		3,583,377

				11,248,518

Electric Utilities-5.54%
Appalachian Power Co., Series AA, 2.70%, 04/01/2031		530,000		440,283
Baltimore Gas and Electric Co., 2.25%, 06/15/2031		640,000		524,666
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031		530,000		410,750
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031		960,000		796,817
Duke Energy Carolinas LLC, 2.55%, 04/15/2031		590,000		500,137
Duke Energy Corp., 2.55%, 06/15/2031		1,064,000		870,103
Duke Energy Florida LLC, 2.40%, 12/15/2031		690,000		563,888
Duke Energy Progress LLC, 2.00%, 08/15/2031		691,000		550,809
Entergy Corp., 2.40%, 06/15/2031		690,000		551,552
Entergy Texas, Inc., 1.75%, 03/15/2031		636,000		498,785
FirstEnergy Corp., Series C, 7.38%, 11/15/2031		510,000		567,809
Pacific Gas and Electric Co., 2.50%, 02/01/2031		2,130,000		1,664,069
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031		611,313		586,333
Progress Energy, Inc., 7.75%, 03/01/2031		690,000		774,467
Public Service Co. of Colorado, 1.88%, 06/15/2031		793,000		626,614
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031		509,000		395,962
Virginia Electric & Power Co., 2.30%, 11/15/2031		530,000		427,336

				10,750,380

Electrical Equipment-0.45%
Emerson Electric Co., 2.20%, 12/21/2031		1,060,000		872,914

Electronic Equipment, Instruments & Components-1.77%
Amphenol Corp., 2.20%, 09/15/2031		770,000		623,229
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031		1,020,000		863,498
Jabil, Inc., 3.00%, 01/15/2031		640,000		535,173


	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Teledyne Technologies, Inc., 2.75%, 04/01/2031	$	1,096,000	$	915,713
Vontier Corp., 2.95%, 04/01/2031		634,000		503,013

				3,440,626

Energy Equipment & Services-0.25%
Helmerich & Payne, Inc., 2.90%, 09/29/2031 .		590,000		479,888

Entertainment-1.51%
Electronic Arts, Inc., 1.85%, 02/15/2031		800,000		640,819
Walt Disney Co. (The), 2.65%, 01/13/2031		2,660,000		2,280,239

				2,921,058

Financial Services-2.10%
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		1,330,000		1,074,874
Global Payments, Inc., 2.90%, 11/15/2031		800,000		656,244
Mastercard, Inc.
1.90%, 03/15/2031		640,000		525,836
2.00%, 11/18/2031		800,000		650,155
ORIX Corp. (Japan), 2.25%, 03/09/2031^(b)		440,000		359,301
Visa, Inc., 1.10%, 02/15/2031		1,050,000		817,389

				4,083,799

Food Products-2.17%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		1,060,000		887,500
Flowers Foods, Inc., 2.40%, 03/15/2031		530,000		429,702
General Mills, Inc., 2.25%, 10/14/2031		530,000		428,676
Kellogg Co., Series B, 7.45%, 04/01/2031		660,000		744,817
McCormick & Co., Inc., 1.85%, 02/15/2031		529,000		416,843
Mondelez International, Inc., 1.50%, 02/04/2031		530,000		411,704
Pilgrim’s Pride Corp., 4.25%, 04/15/2031		1,040,000		900,684

				4,219,926

Gas Utilities-0.47%
Atmos Energy Corp., 1.50%, 01/15/2031		640,000		499,949
National Fuel Gas Co., 2.95%, 03/01/2031		525,000		422,945

				922,894

Ground Transportation-1.37%
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031		1,492,000		1,324,603
Norfolk Southern Corp., 2.30%, 05/15/2031^(b)		530,000		437,523
Union Pacific Corp., 2.38%, 05/20/2031		1,060,000		890,638

				2,652,764

Health Care Equipment & Supplies-1.34%
Baxter International, Inc., 1.73%, 04/01/2031		670,000		517,281
Becton, Dickinson and Co., 1.96%, 02/11/2031		1,060,000		853,153
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031		700,000		579,929
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031		800,000		652,250

				2,602,613

Health Care Providers & Services-6.04%
Cencora, Inc., 2.70%, 03/15/2031		1,060,000		892,436

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		143

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2023


	Principal Amount		Value
Health Care Providers & Services-(continued)
Centene Corp.
2.50%, 03/01/2031	$	2,340,000	$	1,865,573
2.63%, 08/01/2031		1,380,000		1,099,092
Cigna Group (The), 2.38%, 03/15/2031		1,600,000		1,317,709
CVS Health Corp.
5.25%, 01/30/2031		790,000		780,941
1.88%, 02/28/2031		1,330,000		1,044,831
2.13%, 09/15/2031		1,060,000		837,915
Elevance Health, Inc., 2.55%, 03/15/2031		1,060,000		888,362
HCA, Inc., 2.38%, 07/15/2031		900,000		711,034
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031		530,000		442,323
Quest Diagnostics, Inc., 2.80%, 06/30/2031		590,000		501,065
UnitedHealth Group, Inc., 2.30%, 05/15/2031		1,600,000		1,338,519

				11,719,800

Health Care REITs-2.07%
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031		850,000		655,523
Healthpeak OP LLC, 2.88%, 01/15/2031		640,000		535,938
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		740,000		598,614
Sabra Health Care L.P., 3.20%, 12/01/2031		820,000		627,215
Ventas Realty L.P., 2.50%, 09/01/2031		514,000		405,826
Welltower OP LLC
2.75%, 01/15/2031		640,000		528,773
2.80%, 06/01/2031		800,000		660,784

				4,012,673

Hotels, Restaurants & Leisure-0.72%
Expedia Group, Inc., 2.95%, 03/15/2031		520,000		435,145
Marriott International, Inc., Series HH, 2.85%, 04/15/2031		1,160,000		963,949

				1,399,094

Household Products-0.73%
Kimberly-Clark Corp., 2.00%, 11/02/2031		640,000		525,149
Procter & Gamble Co. (The), 1.95%, 04/23/2031		1,060,000		890,086

				1,415,235

Independent Power and Renewable Electricity Producers-0.43%
AES Corp. (The), 2.45%, 01/15/2031		1,060,000		842,671

Industrial Conglomerates-0.65%
Honeywell International, Inc., 1.75%, 09/01/2031		1,580,000		1,257,761

Insurance-1.78%
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031		530,000		435,373
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031		535,000		455,701
Brown & Brown, Inc., 2.38%, 03/15/2031		740,000		592,387
Fidelity National Financial, Inc., 2.45%, 03/15/2031		640,000		509,779
First American Financial Corp., 2.40%, 08/15/2031		640,000		491,552


	Principal Amount		Value
Insurance-(continued)
Lincoln National Corp., 3.40%, 01/15/2031^(b)	$	530,000	$	448,075
Primerica, Inc., 2.80%, 11/19/2031		630,000		518,575

				3,451,442

IT Services-0.61%
Kyndryl Holdings, Inc., 3.15%, 10/15/2031		690,000		536,438
VeriSign, Inc., 2.70%, 06/15/2031		801,000		656,352

				1,192,790

Leisure Products-0.23%
Brunswick Corp., 2.40%, 08/18/2031		590,000		452,760

Life Sciences Tools & Services-1.33%
Agilent Technologies, Inc., 2.30%, 03/12/2031		900,000		737,401
Illumina, Inc., 2.55%, 03/23/2031		512,000		411,382
Revvity, Inc., 2.25%, 09/15/2031		510,000		401,989
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		1,280,000		1,032,858

				2,583,630

Machinery-1.21%
Caterpillar, Inc., 1.90%, 03/12/2031		530,000		445,452
IDEX Corp., 2.63%, 06/15/2031		522,000		430,976
John Deere Capital Corp.
1.45%, 01/15/2031		640,000		507,654
2.00%, 06/17/2031		640,000		523,237
Xylem, Inc., 2.25%, 01/30/2031		528,000		434,158

				2,341,477

Media-3.31%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.80%, 04/01/2031		1,700,000		1,370,975
Comcast Corp.
1.95%, 01/15/2031		1,580,000		1,278,507
1.50%, 02/15/2031		1,860,000		1,456,518
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031		536,000		433,686
Omnicom Group, Inc., 2.60%, 08/01/2031		850,000		696,292
Paramount Global, 4.95%, 01/15/2031^(b)		1,320,000		1,178,126

				6,414,104

Metals & Mining-0.24%
Steel Dynamics, Inc., 3.25%, 01/15/2031		530,000		462,451

Multi-Utilities-1.91%
Ameren Corp., 3.50%, 01/15/2031		850,000		751,128
CenterPoint Energy, Inc., 2.65%, 06/01/2031		530,000		435,334
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031		900,000		717,721
DTE Electric Co., Series C, 2.63%, 03/01/2031		637,000		542,607
NiSource, Inc., 1.70%, 02/15/2031		800,000		618,689
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031		798,000		642,678

				3,708,157

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		144

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2023


	Principal Amount		Value
Office REITs-0.91%
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031	$	800,000	$	691,687
Boston Properties L.P., 3.25%, 01/30/2031		1,330,000		1,084,090

				1,775,777

Oil, Gas & Consumable Fuels-7.26%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031		530,000		452,500
Burlington Resources LLC, 7.20%, 08/15/2031		470,000		533,378
Cheniere Energy Partners L.P., 4.00%, 03/01/2031		1,590,000		1,405,440
Conoco Funding Co., 7.25%, 10/15/2031		396,000		449,764
Devon Energy Corp., 7.88%, 09/30/2031		660,000		744,810
Diamondback Energy, Inc., 3.13%, 03/24/2031		830,000		714,212
Hess Corp., 7.30%, 08/15/2031		670,000		732,622
Kinder Morgan, Inc.
2.00%, 02/15/2031		800,000		629,301
7.80%, 08/01/2031		570,000		637,655
Occidental Petroleum Corp.
6.13%, 01/01/2031		1,220,000		1,230,577
7.50%, 05/01/2031		920,000		997,773
ONEOK, Inc., 6.35%, 01/15/2031		640,000		658,279
Ovintiv, Inc., 7.38%, 11/01/2031		510,000		547,350
Pioneer Natural Resources Co., 2.15%, 01/15/2031		1,060,000		859,778
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031		1,020,000		937,889
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031		1,060,000		845,289
Valero Energy Corp., 2.80%, 12/01/2031		490,000		402,579
Williams Cos., Inc. (The), 2.60%, 03/15/2031 .		1,600,000		1,314,176

				14,093,372

Personal Care Products-0.61%
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031		630,000		508,937
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031		840,000		672,939

				1,181,876

Pharmaceuticals-1.92%
AstraZeneca Finance LLC (United Kingdom), 2.25%, 05/28/2031		790,000		657,785
Merck & Co., Inc., 2.15%, 12/10/2031		2,100,000		1,717,560
Pfizer, Inc., 1.75%, 08/18/2031		1,060,000		853,619
Royalty Pharma PLC, 2.15%, 09/02/2031^(b)		640,000		497,034

				3,725,998

Professional Services-0.87%
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		1,060,000		865,904
Equifax, Inc., 2.35%, 09/15/2031		1,060,000		831,758

				1,697,662

Real Estate Management & Development-0.22%
CBRE Services, Inc., 2.50%, 04/01/2031		531,000		427,093


	Principal Amount		Value
Residential REITs-1.08%
AvalonBay Communities, Inc., 2.45%, 01/15/2031	$	640,000	$	532,667
ERP Operating L.P., 1.85%, 08/01/2031		521,000		408,418
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		670,000		513,365
Sun Communities Operating L.P., 2.70%, 07/15/2031		801,000		636,797

				2,091,247

Retail REITs-1.18%
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031		530,000		417,477
Kimco Realty OP LLC, 2.25%, 12/01/2031		515,000		399,329
Realty Income Corp., 3.25%, 01/15/2031		1,010,000		874,546
Simon Property Group L.P., 2.20%, 02/01/2031		740,000		590,326

				2,281,678

Semiconductors & Semiconductor Equipment-2.36%
Analog Devices, Inc., 2.10%, 10/01/2031		1,060,000		868,196
Intel Corp., 2.00%, 08/12/2031		1,320,000		1,067,583
Marvell Technology, Inc., 2.95%, 04/15/2031		800,000		668,064
NVIDIA Corp., 2.00%, 06/15/2031		1,330,000		1,102,782
Skyworks Solutions, Inc., 3.00%, 06/01/2031		530,000		431,733
Texas Instruments, Inc., 1.90%, 09/15/2031		530,000		432,823

				4,571,181

Software-3.91%
Autodesk, Inc., 2.40%, 12/15/2031		1,067,000		866,990
Fortinet, Inc., 2.20%, 03/15/2031		510,000		401,759
Oracle Corp., 2.88%, 03/25/2031		3,460,000		2,925,298
Roper Technologies, Inc., 1.75%, 02/15/2031		1,060,000		832,815
Salesforce, Inc., 1.95%, 07/15/2031		1,600,000		1,304,712
VMware, Inc., 2.20%, 08/15/2031		1,600,000		1,248,263

				7,579,837

Specialized REITs-3.42%
American Tower Corp.
2.70%, 04/15/2031		740,000		605,849
2.30%, 09/15/2031		740,000		579,307
Crown Castle, Inc.
2.25%, 01/15/2031		1,170,000		940,628
2.10%, 04/01/2031		1,060,000		836,804
2.50%, 07/15/2031		800,000		645,497
Equinix, Inc., 2.50%, 05/15/2031		1,060,000		859,770
Extra Space Storage L.P., 2.40%, 10/15/2031		640,000		503,105
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031		720,000		618,242
Public Storage Operating Co.
2.30%, 05/01/2031		690,000		568,652
2.25%, 11/09/2031		580,000		469,843

				6,627,697

Specialty Retail-2.99%
AutoZone, Inc., 1.65%, 01/15/2031		640,000		497,552
Home Depot, Inc. (The)
1.38%, 03/15/2031		1,330,000		1,042,113
1.88%, 09/15/2031		1,060,000		853,394
Leidos, Inc., 2.30%, 02/15/2031		1,060,000		840,414

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		145

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2023


	Principal Amount		Value
Specialty Retail-(continued)
Lowe’s Cos., Inc., 2.63%, 04/01/2031	$	1,600,000	$	1,342,217
O’Reilly Automotive, Inc., 1.75%, 03/15/2031		510,000		402,079
Ross Stores, Inc., 1.88%, 04/15/2031		510,000		400,063
TJX Cos., Inc. (The), 1.60%, 05/15/2031		530,000		426,292

				5,804,124

Technology Hardware, Storage & Peripherals-2.13%
Apple, Inc.
1.65%, 02/08/2031		2,930,000		2,402,698
1.70%, 08/05/2031^(b)		1,060,000		863,251
HP, Inc., 2.65%, 06/17/2031		1,060,000		859,639

				4,125,588

Tobacco-0.54%
B.A.T Capital Corp. (United Kingdom), 2.73%, 03/25/2031		1,320,000		1,046,193

Water Utilities-0.25%
American Water Capital Corp., 2.30%, 06/01/2031		586,000		481,114

Wireless Telecommunication Services-1.63%
T-Mobile USA, Inc.
2.88%, 02/15/2031		1,050,000		883,761
3.50%, 04/15/2031		2,610,000		2,281,159

				3,164,920

Total U.S. Dollar Denominated Bonds & Notes (Cost $199,230,992)				192,190,447


	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $42,663)		42,663	$	42,663

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.09% (Cost $199,273,655)				192,233,110


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.72%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		932,243		932,243
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		2,397,193		2,397,193

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,329,384)				3,329,436

TOTAL INVESTMENTS IN SECURITIES-100.81% (Cost $202,603,039)				195,562,546
OTHER ASSETS LESS LIABILITIES-(0.81)%				(1,578,745	)

NET ASSETS-100.00%.			$	193,983,801

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	15,756		$	5,224,143		$	(5,197,236	)		$	-		$	-			$	42,663		$	11,872

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			120,081			9,091,110			(8,278,948	)			-			-				932,243			33,283	*

Invesco Private Prime Fund			308,780			17,418,647			(15,329,614	)			38			(658	)			2,397,193			90,188	*


Total		$	444,617		$	31,733,900		$	(28,805,798	)		$	38		$	(658	)		$	3,372,099		$	135,343

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		146

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2023

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		147

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.65%
Aerospace & Defense-0.81%
Lockheed Martin Corp., 3.90%, 06/15/2032	$	590,000	$	549,023
RTX Corp., 2.38%, 03/15/2032		760,000		612,066

				1,161,089

Automobiles-0.99%
General Motors Co., 5.60%, 10/15/2032^(b)		950,000		914,766
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032		570,000		498,772

				1,413,538

Banks-4.35%
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032		640,000		519,052
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032		760,000		677,459
Citigroup, Inc., 6.63%, 06/15/2032		740,000		772,979
Citizens Financial Group, Inc., 2.64%, 09/30/2032		450,000		328,577
KeyBank N.A., 4.90%, 08/08/2032		625,000		516,118
Royal Bank of Canada (Canada), 3.88%, 05/04/2032		740,000		672,480
Toronto-Dominion Bank (The) (Canada)
2.45%, 01/12/2032		440,000		355,920
3.20%, 03/10/2032		1,134,000		966,886
4.46%, 06/08/2032		1,510,000		1,407,475

				6,216,946

Beverages-1.77%
Constellation Brands, Inc., 4.75%, 05/09/2032		530,000		508,330
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032		670,000		539,022
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032		642,000		588,764
PepsiCo, Inc., 3.90%, 07/18/2032		950,000		901,559

				2,537,675

Biotechnology-0.88%
Amgen, Inc.
2.00%, 01/15/2032		755,000		592,875
3.35%, 02/22/2032		760,000		663,791

				1,256,666

Broadline Retail-2.40%
Amazon.com, Inc.
3.60%, 04/13/2032		1,890,000		1,739,841
4.70%, 12/01/2032		1,700,000		1,690,211

				3,430,052

Building Products-0.23%
Carlisle Cos., Inc., 2.20%, 03/01/2032		415,000		326,893

Capital Markets-5.00%
Ameriprise Financial, Inc., 4.50%, 05/13/2032		380,000		359,816
BlackRock, Inc., 2.10%, 02/25/2032		760,000		606,367
Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032		458,000		354,761


	Principal Amount		Value
Capital Markets-(continued)
Charles Schwab Corp. (The), 2.90%, 03/03/2032	$	760,000	$	628,231
CME Group, Inc., 2.65%, 03/15/2032		605,000		507,778
Credit Suisse USA, Inc. (Switzerland), 7.13%, 07/15/2032		546,000		609,497
FactSet Research Systems, Inc., 3.45%, 03/01/2032		370,000		313,839
Jefferies Financial Group, Inc., 2.75%, 10/15/2032		380,000		291,388
Moody’s Corp., 4.25%, 08/08/2032		380,000		357,481
Morgan Stanley, 7.25%, 04/01/2032		740,000		842,139
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032		670,000		536,688
Northern Trust Corp., 6.13%, 11/02/2032		760,000		776,316
S&P Global, Inc., 2.90%, 03/01/2032		1,130,000		968,386

				7,152,687

Chemicals-1.31%
Albemarle Corp., 5.05%, 06/01/2032		440,000		414,612
Celanese US Holdings LLC, 6.38%, 07/15/2032		755,000		747,911
Ecolab, Inc., 2.13%, 02/01/2032^(b)		490,000		399,352
Sherwin-Williams Co. (The), 2.20%, 03/15/2032		400,000		317,370

				1,879,245

Commercial Services & Supplies-1.70%
Cintas Corp. No. 2, 4.00%, 05/01/2032		600,000		561,478
Republic Services, Inc., 1.75%, 02/15/2032		572,000		442,984
Waste Connections, Inc.
2.20%, 01/15/2032		490,000		392,305
3.20%, 06/01/2032		375,000		322,582
Waste Management, Inc., 4.15%, 04/15/2032		755,000		708,600

				2,427,949

Communications Equipment-0.31%
Motorola Solutions, Inc., 5.60%, 06/01/2032		450,000		444,399

Construction & Engineering-0.21%
Quanta Services, Inc., 2.35%, 01/15/2032		376,000		297,768

Consumer Finance-0.93%
Discover Financial Services, 6.70%, 11/29/2032		570,000		567,531
General Motors Financial Co., Inc., 3.10%, 01/12/2032		950,000		761,911

				1,329,442

Consumer Staples Distribution & Retail-1.93%
Costco Wholesale Corp., 1.75%, 04/20/2032^(b)		760,000		604,993
Dollar General Corp., 5.00%, 11/01/2032		530,000		504,937
Target Corp., 4.50%, 09/15/2032^(b)		760,000		733,679
Walmart, Inc., 4.15%, 09/09/2032		950,000		921,159

				2,764,768

Containers & Packaging-0.66%
Avery Dennison Corp., 2.25%, 02/15/2032		380,000		294,310

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		148

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2023


	Principal Amount		Value
Containers & Packaging-(continued)
Sonoco Products Co., 2.85%, 02/01/2032	$	380,000	$	312,001
WRKCo, Inc., 4.20%, 06/01/2032		377,000		343,620

				949,931

Distributors-0.22%
Genuine Parts Co., 2.75%, 02/01/2032		381,000		310,759

Diversified Consumer Services-0.26%
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032		380,000		367,009

Diversified REITs-0.95%
CubeSmart L.P., 2.50%, 02/15/2032		380,000		299,881
VICI Properties L.P., 5.13%, 05/15/2032		1,139,000		1,056,672

				1,356,553

Diversified Telecommunication Services-3.69%
AT&T, Inc., 2.25%, 02/01/2032		1,890,000		1,475,293
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032		370,000		465,696
TELUS Corp. (Canada), 3.40%, 05/13/2032		680,000		572,895
Verizon Communications, Inc., 2.36%, 03/15/2032		3,500,000		2,769,316

				5,283,200

Electric Utilities-8.55%
AEP Texas, Inc., 4.70%, 05/15/2032		380,000		360,258
Alabama Power Co., 3.05%, 03/15/2032		520,000		446,725
American Electric Power Co., Inc., 5.95%, 11/01/2032		380,000		390,987
Appalachian Power Co., Series BB, 4.50%, 08/01/2032		358,000		332,489
Duke Energy Carolinas LLC, 2.85%, 03/15/2032		380,000		320,945
Duke Energy Corp., 4.50%, 08/15/2032		870,000		810,155
Duke Energy Progress LLC, 3.40%, 04/01/2032		360,000		317,041
Entergy Louisiana LLC, 2.35%, 06/15/2032		380,000		302,667
Eversource Energy, 3.38%, 03/01/2032		480,000		411,297
Exelon Corp., 3.35%, 03/15/2032		490,000		421,374
Florida Power & Light Co., 2.45%, 02/03/2032		1,202,000		997,461
Georgia Power Co., 4.70%, 05/15/2032		530,000		506,405
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/2032		380,000		311,728
4.02%, 11/01/2032		426,000		385,893
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/2032		760,000		608,925
5.00%, 07/15/2032		760,000		734,914
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032		596,000		568,164
Pacific Gas and Electric Co., 5.90%, 06/15/2032		450,000		431,167
Southern California Edison Co.
2.75%, 02/01/2032		340,000		281,277
5.95%, 11/01/2032		570,000		591,197
Southern Co. (The), 5.70%, 10/15/2032		380,000		386,153
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032		380,000		371,305
Union Electric Co., 2.15%, 03/15/2032		400,000		316,939


	Principal Amount		Value
Electric Utilities-(continued)
Virginia Electric & Power Co., 2.40%, 03/30/2032	$	440,000	$	354,884
Wisconsin Electric Power Co., 4.75%, 09/30/2032		380,000		371,506
Wisconsin Power and Light Co., 3.95%, 09/01/2032		440,000		401,205
Xcel Energy, Inc., 4.60%, 06/01/2032		530,000		495,270

				12,228,331

Electrical Equipment-0.25%
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032		376,000		357,002

Electronic Equipment, Instruments & Components-1.13%
Allegion US Holding Co., Inc., 5.41%, 07/01/2032		457,000		445,414
Arrow Electronics, Inc., 2.95%, 02/15/2032		380,000		305,258
Eaton Corp., 4.00%, 11/02/2032		530,000		496,237
Tyco Electronics Group S.A., 2.50%, 02/04/2032		450,000		375,296

				1,622,205

Entertainment-2.87%
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		380,000		342,281
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032		380,000		427,412
Warnermedia Holdings, Inc., 4.28%, 03/15/2032		3,770,000		3,328,363

				4,098,056

Financial Services-4.22%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032		3,060,000		2,487,886
Corebridge Financial, Inc., 3.90%, 04/05/2032		1,130,000		988,703
Fidelity National Information Services, Inc., 5.10%, 07/15/2032		570,000		558,737
Global Payments, Inc., 5.40%, 08/15/2032		570,000		559,181
ORIX Corp. (Japan)
4.00%, 04/13/2032		380,000		347,361
5.20%, 09/13/2032		374,000		373,701
PayPal Holdings, Inc., 4.40%, 06/01/2032		760,000		726,879

				6,042,448

Food Products-1.51%
Archer-Daniels-Midland Co., 2.90%, 03/01/2032		570,000		492,256
J. M. Smucker Co. (The), 2.13%, 03/15/2032		350,000		277,668
Mondelez International, Inc.
3.00%, 03/17/2032		560,000		479,315
1.88%, 10/15/2032^(b)		470,000		364,705
Pilgrim’s Pride Corp., 3.50%, 03/01/2032		670,000		540,161

				2,154,105

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		149

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2023


	Principal Amount		Value
Gas Utilities-0.52%
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032	$	370,000	$	345,724
Southwest Gas Corp., 4.05%, 03/15/2032		450,000		403,619

				749,343

Ground Transportation-1.70%
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032		610,000		563,623
CSX Corp., 4.10%, 11/15/2032		720,000		676,266
Norfolk Southern Corp., 3.00%, 03/15/2032		450,000		383,879
Union Pacific Corp., 2.80%, 02/14/2032		950,000		812,553

				2,436,321

Health Care Equipment & Supplies-1.84%
Baxter International, Inc., 2.54%, 02/01/2032		1,170,000		939,577
Becton, Dickinson and Co., 4.30%, 08/22/2032		380,000		355,473
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032		1,300,000		1,333,762

				2,628,812

Health Care Providers & Services-2.59%
Elevance Health, Inc.
4.10%, 05/15/2032		450,000		414,855
5.50%, 10/15/2032^(b)		490,000		500,001
HCA, Inc., 3.63%, 03/15/2032		1,480,000		1,273,413
Humana, Inc., 2.15%, 02/03/2032		570,000		447,339
UnitedHealth Group, Inc., 4.20%, 05/15/2032		1,130,000		1,067,936

				3,703,544

Health Care REITs-0.47%
Welltower OP LLC
2.75%, 01/15/2032		380,000		307,652
3.85%, 06/15/2032		420,000		369,391

				677,043

Hotels, Restaurants & Leisure-1.30%
Marriott International, Inc., Series GG, 3.50%, 10/15/2032		760,000		646,155
McDonald’s Corp., 4.60%, 09/09/2032		570,000		557,985
Starbucks Corp., 3.00%, 02/14/2032		760,000		652,394

				1,856,534

Household Products-1.20%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		373,000		386,119
Clorox Co. (The), 4.60%, 05/01/2032		453,000		438,430
Colgate-Palmolive Co., 3.25%, 08/15/2032^(b)		380,000		343,981
Procter & Gamble Co. (The), 2.30%, 02/01/2032		646,000		552,539

				1,721,069

Industrial Conglomerates-1.01%
GE Capital Funding LLC, 4.55%, 05/15/2032		370,000		352,951
General Electric Co., 6.75%, 03/15/2032		980,000		1,093,403

				1,446,354

Industrial REITs-0.21%
Prologis L.P., 2.25%, 01/15/2032		370,000		297,296


	Principal Amount		Value
Insurance-2.57%
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032	$	375,000	$	366,670
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032		760,000		663,953
Brown & Brown, Inc., 4.20%, 03/17/2032		435,000		389,624
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032		570,000		550,692
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032		570,000		511,794
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032		360,000		374,039
MetLife, Inc., 6.50%, 12/15/2032		450,000		488,214
Progressive Corp. (The), 3.00%, 03/15/2032		380,000		330,565

				3,675,551

Interactive Media & Services-1.44%
Meta Platforms, Inc., 3.85%, 08/15/2032		2,250,000		2,066,538

IT Services-0.94%
International Business Machines Corp.
2.72%, 02/09/2032		400,000		339,920
4.40%, 07/27/2032		550,000		525,016
5.88%, 11/29/2032		450,000		478,725

				1,343,661

Life Sciences Tools & Services-0.69%
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032		610,000		534,518
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032		450,000		450,187

				984,705

Machinery-0.98%
Flowserve Corp., 2.80%, 01/15/2032		380,000		302,166
John Deere Capital Corp.
3.90%, 06/07/2032		380,000		354,610
4.35%, 09/15/2032		450,000		437,070
Stanley Black & Decker, Inc., 3.00%, 05/15/2032^(b)		370,000		311,404

				1,405,250

Media-1.38%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.30%, 02/01/2032		745,000		562,738
Comcast Corp., 5.50%, 11/15/2032		760,000		780,078
Paramount Global, 4.20%, 05/19/2032		760,000		633,620

				1,976,436

Metals & Mining-1.20%
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032		740,000		761,018
Newmont Corp., 2.60%, 07/15/2032		740,000		596,321
Nucor Corp., 3.13%, 04/01/2032		420,000		358,674

				1,716,013

Multi-Utilities-1.36%
Ameren Illinois Co., 3.85%, 09/01/2032		375,000		339,178
Dominion Energy, Inc., 5.38%, 11/15/2032		640,000		630,378
DTE Electric Co., Series A, 3.00%, 03/01/2032		380,000		324,758

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		150

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2023


	Principal Amount		Value
Multi-Utilities-(continued)
Public Service Electric & Gas Co., 3.10%, 03/15/2032	$	370,000	$	321,301
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032		380,000		323,885

				1,939,500

Office REITs-0.70%
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032		680,000		516,139
Boston Properties L.P., 2.55%, 04/01/2032		640,000		480,270

				996,409

Oil, Gas & Consumable Fuels-5.55%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		360,000		302,900
BP Capital Markets America, Inc., 2.72%, 01/12/2032		1,510,000		1,264,907
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032		376,000		303,170
Cheniere Energy Partners L.P., 3.25%, 01/31/2032		900,000		744,669
ConocoPhillips, 5.90%, 10/15/2032		380,000		406,852
Kinder Morgan, Inc., 7.75%, 01/15/2032		750,000		838,740
Marathon Oil Corp., 6.80%, 03/15/2032		420,000		438,823
MPLX L.P., 4.95%, 09/01/2032		760,000		718,363
ONEOK, Inc., 6.10%, 11/15/2032		570,000		579,316
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032		370,000		397,892
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032		705,000		608,953
Valero Energy Corp., 7.50%, 04/15/2032		550,000		615,958
Williams Cos., Inc. (The), 4.65%, 08/15/2032		760,000		714,079

				7,934,622

Personal Care Products-0.56%
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032		730,000		794,615

Pharmaceuticals-2.13%
Bristol-Myers Squibb Co., 2.95%, 03/15/2032		1,320,000		1,144,715
Haleon US Capital LLC, 3.63%, 03/24/2032		1,475,000		1,310,899
Zoetis, Inc., 5.60%, 11/16/2032		570,000		588,259

				3,043,873

Residential REITs-1.39%
American Homes 4 Rent L.P., 3.63%, 04/15/2032		450,000		385,848
AvalonBay Communities, Inc., 2.05%, 01/15/2032		529,000		424,550
Essex Portfolio L.P., 2.65%, 03/15/2032		470,000		374,813
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032		450,000		400,822
Sun Communities Operating L.P., 4.20%, 04/15/2032		450,000		396,100

				1,982,133

Retail REITs-1.52%
Kimco Realty OP LLC, 3.20%, 04/01/2032		450,000		373,651


	Principal Amount		Value
Retail REITs-(continued)

Realty Income Corp.
5.63%, 10/13/2032	$	548,000	$	548,048
2.85%, 12/15/2032		520,000		421,913
Simon Property Group L.P.
2.25%, 01/15/2032		530,000		411,129
2.65%, 02/01/2032		530,000		426,092

				2,180,833

Semiconductors & Semiconductor Equipment-3.90%
Advanced Micro Devices, Inc., 3.92%, 06/01/2032		380,000		355,022
Broadcom, Inc., 4.30%, 11/15/2032		1,510,000		1,365,573
Intel Corp.
4.15%, 08/05/2032^(b)		950,000		894,439
4.00%, 12/15/2032		570,000		528,523
KLA Corp., 4.65%, 07/15/2032		760,000		747,273
Micron Technology, Inc., 2.70%, 04/15/2032		760,000		600,186
QUALCOMM, Inc.
1.65%, 05/20/2032		930,000		722,734
4.25%, 05/20/2032		380,000		365,680

				5,579,430

Software-1.83%
Oracle Corp., 6.25%, 11/09/2032		1,700,000		1,779,941
Workday, Inc., 3.80%, 04/01/2032		950,000		843,696

				2,623,637

Specialized REITs-1.86%
American Tower Corp., 4.05%, 03/15/2032^(b)		490,000		437,361
Equinix, Inc., 3.90%, 04/15/2032		910,000		810,244
Extra Space Storage L.P., 2.35%, 03/15/2032		450,000		350,387
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032		610,000		492,382
Weyerhaeuser Co., 7.38%, 03/15/2032		500,000		563,147

				2,653,521

Specialty Retail-3.42%
AutoNation, Inc., 3.85%, 03/01/2032		510,000		432,056
AutoZone, Inc., 4.75%, 08/01/2032		570,000		545,543
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032		569,000		454,023
Home Depot, Inc. (The)
3.25%, 04/15/2032		950,000		844,667
4.50%, 09/15/2032^(b)		950,000		928,381
Lowe’s Cos., Inc., 3.75%, 04/01/2032		1,200,000		1,075,550
O’Reilly Automotive, Inc., 4.70%, 06/15/2032		640,000		612,279

				4,892,499

Technology Hardware, Storage & Peripherals-1.24%
Apple, Inc., 3.35%, 08/08/2032		1,130,000		1,037,234
HP, Inc., 4.20%, 04/15/2032		515,000		460,100
Western Digital Corp., 3.10%, 02/01/2032		370,000		276,715

				1,774,049

Textiles, Apparel & Luxury Goods-0.19%
Tapestry, Inc., 3.05%, 03/15/2032		360,000		277,142

Tobacco-2.29%
Altria Group, Inc., 2.45%, 02/04/2032		1,320,000		1,030,908

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		151

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2023


	Principal Amount		Value
Tobacco-(continued)
B.A.T Capital Corp. (United Kingdom)
4.74%, 03/16/2032	$	670,000	$	606,229
7.75%, 10/19/2032		450,000		488,694
Philip Morris International, Inc., 5.75%, 11/17/2032		1,130,000		1,146,697

				3,272,528

Trading Companies & Distributors-0.34%
Air Lease Corp., 2.88%, 01/15/2032		600,000		480,671

Water Utilities-0.40%
American Water Capital Corp., 4.45%, 06/01/2032		601,000		570,825

Wireless Telecommunication Services-2.80%
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032		450,000		354,755
Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032		1,478,000		1,264,611
Sprint Capital Corp., 8.75%, 03/15/2032		1,480,000		1,765,285
T-Mobile USA, Inc., 2.70%, 03/15/2032		760,000		619,236

				4,003,887

Total U.S. Dollar Denominated Bonds & Notes (Cost $142,693,181)				141,093,360


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $67,027)		67,027	$	67,027

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.70% (Cost $142,760,208)				141,160,387


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.84%
Invesco Private Government Fund, 5.30%^(c)(d)(e)		1,137,562		1,137,562
Invesco Private Prime Fund, 5.51%^(c)(d)(e)		2,925,157		2,925,157

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,062,731)				4,062,719

TOTAL INVESTMENTS IN SECURITIES-101.54% (Cost $146,822,939)				145,223,106
OTHER ASSETS LESS LIABILITIES-(1.54)%				(2,205,598	)

NET ASSETS-100.00%.			$	143,017,508

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,237,115		$	(2,170,088	)		$	-			$	-			$	67,027		$	4,213

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			9,165,270			(8,027,708	)			-				-				1,137,562			18,358	*

Invesco Private Prime Fund			-			10,787,926			(7,862,539	)			(12	)			(218	)			2,925,157			46,648	*


Total		$	-		$	22,190,311		$	(18,060,335	)		$	(12	)		$	(218	)		$	4,129,746		$	69,219

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		152

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Treasury Securities-76.15%
U.S. Treasury Bills-76.15%^(b)
5.30%–5.32%, 10/19/2023	$	184,000,000	$	182,701,880
5.26%, 09/21/2023		224,500,000		223,843,338

Total U.S. Treasury Securities (Cost $406,555,139)				406,545,218


U.S. Dollar Denominated Bonds & Notes-21.49%
Automobiles-2.40%
Ford Motor Credit Co. LLC, 3.37%, 11/17/2023		12,920,000		12,824,448

Consumer Finance-1.97%
Navient Corp., 7.25%, 09/25/2023		6,000,000		6,009,000
OneMain Finance Corp., 8.25%, 10/01/2023		4,500,000		4,509,945

				10,518,945

Containers & Packaging-3.77%
Ball Corp., 4.00%, 11/15/2023		20,208,000		20,114,861

Electric Utilities-1.11%
NRG Energy, Inc., 6.63%, 01/15/2027		6,000,000		5,930,845

Energy Equipment & Services-0.39%
Tervita Corp. (Canada), 11.00%, 12/01/2025^(c)		2,000,000		2,095,990

Financial Services-4.15%
Verscend Escrow Corp., 9.75%, 08/15/2026^(c)		22,230,000		22,139,004

Health Care Providers & Services-1.31%
Encompass Health Corp., 5.75%, 09/15/2025		7,000,000		6,965,644


	Principal Amount		Value
Hotels, Restaurants & Leisure-1.23%
Yum! Brands, Inc., 3.88%, 11/01/2023	$	6,572,000	$	6,545,482

Mortgage REITs-1.12%
Starwood Property Trust, Inc., 5.50%, 11/01/2023^(c)		6,000,000		5,984,923

Oil, Gas & Consumable Fuels-1.73%
Murphy Oil Corp., 5.75%, 08/15/2025		3,000,000		2,971,491
Southwestern Energy Co., 8.38%, 09/15/2028		6,000,000		6,250,524

				9,222,015

Textiles, Apparel & Luxury Goods-0.95%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(c)		5,000,000		5,092,000

Trading Companies & Distributors-1.36%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027^(c)		7,000,000		7,270,925

Total U.S. Dollar Denominated Bonds & Notes (Cost $115,081,124)				114,705,082

	Shares
Money Market Funds-2.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e) (Cost $11,078,891)		11,078,891		11,078,891

TOTAL INVESTMENTS IN SECURITIES-99.71% (Cost $532,715,154)				532,329,191
OTHER ASSETS LESS LIABILITIES-0.29%				1,527,340

NET ASSETS-100.00%			$	533,856,531

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $42,582,842, which represented 7.98% of the Fund’s Net Assets.

^(d)


	Value August 31, 2022		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value August 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 6,403,300		$	1,482,537,087		$	(1,477,861,496	)		$	-		$	-		$11,078,891		$	1,052,725

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		153

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)

August 31, 2023


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	20,718,749		$	74,265,586		$	(94,984,335	)		$	-			$	-		$	-		$	322,647	*

Invesco Private Prime Fund			57,593,313			161,455,912			(219,063,450	)			(4,201	)			18,426			-			876,532	*

Total		$	84,715,362		$	1,718,258,585		$	(1,791,909,281	)		$	(4,201	)		$	18,426		$	11,078,891		$	2,251,904

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		154

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-94.78%
Aerospace & Defense-1.83%
TransDigm, Inc., 7.50%, 03/15/2027		$	11,950,000		$	11,983,807

Automobile Components-2.71%
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025^(b)			17,316,000			17,699,533

Automobiles-4.94%
Ford Motor Credit Co. LLC
3.81%, 01/09/2024			8,260,000			8,189,085
3.66%, 09/08/2024			8,255,000			8,015,062
4.06%, 11/01/2024			16,570,000			16,069,614

						32,273,761

Banks-5.99%
Freedom Mortgage Corp., 8.13%, 11/15/2024^(c)			7,322,000			7,288,620
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024^(c)			32,555,000			31,842,318

						39,130,938

Broadline Retail-4.88%
QVC, Inc., 4.85%, 04/01/2024			11,500,000			11,183,853
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024^(c)			20,490,000			20,694,900

						31,878,753

Capital Markets-3.51%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024			23,705,000			22,937,136

Consumer Finance-8.27%
Credit Acceptance Corp., 5.13%, 12/31/2024^(c)			8,763,000			8,543,896
Enova International, Inc., 8.50%, 09/01/2024^(b)(c)			4,862,000			4,837,636
goeasy Ltd. (Canada), 5.38%, 12/01/2024^(c)			12,018,000			11,863,612
Navient Corp.
6.13%, 03/25/2024			18,231,000			18,171,241
5.88%, 10/25/2024			10,733,000			10,582,503

						53,998,888

Consumer Staples Distribution & Retail-0.91%
Performance Food Group, Inc., 6.88%, 05/01/2025^(c)			5,930,000			5,944,113

Containers & Packaging-2.41%
Graphic Packaging International LLC, 4.13%, 08/15/2024			6,718,000			6,585,196
Sealed Air Corp., 5.13%, 12/01/2024^(c)			9,268,000			9,149,138

						15,734,334

Diversified Consumer Services-1.60%
Grand Canyon University, 4.13%, 10/01/2024^(b)			11,008,000			10,441,638

Electric Utilities-2.29%
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(b)(c)			15,205,000			14,932,320


	Principal Amount			Value
Electrical Equipment-6.20%
Sensata Technologies B.V., 5.63%, 11/01/2024^(c)		$	8,784,000		$	8,713,784
WESCO Distribution, Inc., 7.13%, 06/15/2025^(c)			31,580,000			31,749,490

						40,463,274

Energy Equipment & Services-1.32%
Oceaneering International, Inc., 4.65%, 11/15/2024^(b)			8,783,000			8,607,340

Entertainment-2.42%
Cinemark USA, Inc., 8.75%, 05/01/2025^(c)			3,464,000			3,508,963
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(c)			12,501,000			12,291,028

						15,799,991

Ground Transportation-3.43%
Uber Technologies, Inc., 7.50%, 05/15/2025^(c)			22,143,000			22,376,693

Health Care Providers & Services-0.77%
Owens & Minor, Inc., 4.38%, 12/15/2024			5,188,000			5,044,233

Hotels, Restaurants & Leisure-7.89%
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)(c)			21,340,000			21,374,485
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025^(c)			4,430,000			4,533,662
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(c)			5,906,000			5,909,822
Travel + Leisure Co., 5.65%, 04/01/2024			6,712,000			6,670,062
Vail Resorts, Inc., 6.25%, 05/15/2025^(b)(c)			13,036,000			13,002,001

						51,490,032

Household Durables-2.66%
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(c)			7,544,000			7,545,345
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024			9,865,000			9,850,301

						17,395,646

Machinery-1.62%
JPW Industries Holding Corp., 9.00%, 10/01/2024^(c)			4,965,000			4,697,411
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(b)(c)			5,890,000			5,898,883

						10,596,294

Marine Transportation-1.33%
Stena AB (Sweden), 7.00%, 02/01/2024^(b)(c)			8,679,000			8,656,818

Media-10.87%
AMC Networks, Inc., 5.00%, 04/01/2024			8,781,000			8,694,815
CSC Holdings LLC, 5.25%, 06/01/2024			16,923,000			16,068,847
DISH DBS Corp., 5.88%, 11/15/2024^(b)			35,717,000			33,254,963
Videotron Ltd. (Canada), 5.38%, 06/15/2024^(c)			13,027,000			12,940,394

						70,959,019

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		155

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)

August 31, 2023


	Principal Amount			Value
Metals & Mining-0.00%
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024^(c)(d)		$	1,200,000		$	0

Mortgage REITs-1.30%
Starwood Property Trust, Inc., 3.75%, 12/31/2024^(c)			8,790,000			8,460,639

Oil, Gas & Consumable Fuels-10.64%
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026^(c)			1,360,000			1,402,926
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(c)			12,792,000			12,840,686
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025^(c)			10,950,000			11,236,987
EQM Midstream Partners L.P., 4.00%, 08/01/2024			6,645,000			6,489,321
Range Resources Corp., 8.25%, 01/15/2029^(b)			12,881,000			13,384,196
Talos Production, Inc., 12.00%, 01/15/2026^(b)			13,597,000			14,188,606
Vital Energy, Inc., 9.50%, 01/15/2025^(b)			9,845,000			9,904,365

						69,447,087

Passenger Airlines-1.02%
United Airlines Holdings, Inc., 5.00%, 02/01/2024^(b)			6,712,000			6,675,178

Pharmaceuticals-2.27%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024			15,342,000			14,828,775

Textiles, Apparel & Luxury Goods-0.42%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(c)			2,700,000			2,749,680


	Principal Amount			Value
Trading Companies & Distributors-1.28%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027^(c)		$	8,040,000		$	8,351,176

Total U.S. Dollar Denominated Bonds & Notes (Cost $625,942,964)						618,857,096

	Shares
Money Market Funds-3.63%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(e)(f) (Cost $23,700,787)			23,700,787			23,700,787

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.41% (Cost $649,643,751)						642,557,883


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.55%
Invesco Private Government Fund, 5.30%^(e)(f)(g)			11,964,297			11,964,297
Invesco Private Prime Fund, 5.51%^(e)(f)(g)			30,765,338			30,765,338

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,729,683)						42,729,635

TOTAL INVESTMENTS IN SECURITIES-104.96% (Cost $692,373,434)						685,287,518
OTHER ASSETS LESS LIABILITIES-(4.96)%						(32,366,640	)

NET ASSETS-100.00%.					$	652,920,878

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $323,337,426, which represented 49.52% of the Fund’s Net Assets.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	11,622,921		$	350,895,666		$	(338,817,800	)		$	-		$	-		$23,700,787		$	820,087

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		156

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)

August 31, 2023


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	18,101,238		$	183,348,907		$	(189,485,848	)		$	-			$	-			$	11,964,297		$	1,049,336	*

Invesco Private Prime Fund			46,546,042			367,665,548			(383,436,153	)			(4,057	)			(6,042	)			30,765,338			2,831,434	*

Total		$	76,270,201		$	901,910,121		$	(911,739,801	)		$	(4,057	)		$	(6,042	)		$	66,430,422		$	4,700,857

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		157

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-94.90%
Aerospace & Defense-3.60%
Bombardier, Inc. (Canada), 7.50%, 03/15/2025^(b)		$	5,190,000		$	5,198,907
Spirit AeroSystems, Inc.
7.50%, 04/15/2025^(b)(c)			16,433,000			16,246,106
9.38%, 11/30/2029^(b)(c)			12,290,000			12,822,955
Triumph Group, Inc., 7.75%, 08/15/2025			7,000,000			6,611,535

						40,879,503

Air Freight & Logistics-0.00%
Western Global Airlines LLC, 10.38%, 08/15/2025^(b)			1,787,000			6,701

Automobile Components-0.78%
Clarios Global L.P., 6.75%, 05/15/2025^(b)			6,146,000			6,149,176
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(b)			2,710,000			2,661,044

						8,810,220

Automobiles-5.76%
Ford Motor Credit Co. LLC
2.30%, 02/10/2025^(c)			10,425,000			9,804,225
4.69%, 06/09/2025			4,910,000			4,730,962
5.13%, 06/16/2025			14,440,000			14,070,505
4.13%, 08/04/2025			11,532,000			10,993,752
3.38%, 11/13/2025^(c)			17,350,000			16,191,021
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025^(b)(c)			9,600,000			9,642,586

						65,433,051

Banks-0.64%
Freedom Mortgage Corp., 8.25%, 04/15/2025^(b)(c)			7,362,000			7,262,625

Broadline Retail-0.63%
QVC, Inc., 4.45%, 02/15/2025^(c)			7,992,000			7,193,431

Capital Markets-0.42%
StoneX Group, Inc., 8.63%, 06/15/2025^(b)			4,712,000			4,776,154

Chemicals-1.52%
Adams Homes, Inc., 7.50%, 02/15/2025^(b)			2,570,000			2,528,257
Avient Corp., 5.75%, 05/15/2025^(b)			9,030,000			8,918,780
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025^(b)			158,000			155,526
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025^(b)(c)			6,100,000			5,689,810

						17,292,373

Commercial Services & Supplies-3.72%
Aptim Corp., 7.75%, 06/15/2025^(b)			6,730,000			6,263,304
Brink’s Co. (The), 5.50%, 07/15/2025^(b)			5,467,000			5,380,037
GFL Environmental, Inc. (Canada)
4.25%, 06/01/2025^(b)(c)			6,830,000			6,612,361
3.75%, 08/01/2025^(b)(c)			10,237,000			9,756,165
Matthews International Corp., 5.25%, 12/01/2025^(b)			4,203,000			4,049,309
OPENLANE, Inc., 5.13%, 06/01/2025^(b)			3,000,000			2,929,688


	Principal Amount			Value
Commercial Services & Supplies-(continued)
Stena International S.A. (Sweden), 6.13%, 02/01/2025^(b)		$	4,749,000		$	4,687,785
West Technology Group LLC, 8.50%, 10/15/2025^(b)			2,888,000			2,612,644

						42,291,293

Communications Equipment-2.18%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)			17,410,000			15,951,964
Viasat, Inc., 5.63%, 09/15/2025^(b)			9,313,000			8,821,180

						24,773,144

Construction & Engineering-1.64%
Artera Services LLC, 9.03%, 12/04/2025^(b)			13,475,776			12,551,377
Tutor Perini Corp., 6.88%, 05/01/2025^(b)			6,750,000			6,112,969

						18,664,346

Construction Materials-0.63%
Williams Scotsman International, Inc., 6.13%, 06/15/2025^(b)(c)			7,196,000			7,139,080

Consumer Finance-3.35%
Finance of America Funding LLC, 7.88%, 11/15/2025^(b)			4,736,000			3,930,504
Navient Corp., 6.75%, 06/25/2025			6,831,000			6,790,333
OneMain Finance Corp., 6.88%, 03/15/2025^(c)			17,051,000			16,981,296
PRA Group, Inc., 7.38%, 09/01/2025^(b)(c)			4,065,000			3,979,535
SLM Corp., 4.20%, 10/29/2025^(c)			6,720,000			6,326,208

						38,007,876

Consumer Staples Distribution & Retail-1.21%
US Foods, Inc., 6.25%, 04/15/2025^(b)(c)			13,653,000			13,701,031

Containers & Packaging-3.09%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)			9,500,000			9,289,830
Ball Corp., 5.25%, 07/01/2025			13,653,000			13,476,027
Owens-Brockway Glass Container, Inc., 6.38%, 08/15/2025^(b)			4,098,000			4,096,631
Pactiv LLC, 7.95%, 12/15/2025^(c)			2,763,000			2,796,471
Sealed Air Corp., 5.50%, 09/15/2025^(b)			5,461,000			5,406,390

						35,065,349

Diversified REITs-0.78%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2025^(b)			8,877,000			8,895,082

Diversified Telecommunication Services-0.14%
Lumen Technologies, Inc., 5.63%, 04/01/2025			2,100,000			1,635,837

Electric Utilities-0.48%
DPL, Inc., 4.13%, 07/01/2025^(c)			5,702,000			5,429,415

Electrical Equipment-0.82%
Sensata Technologies B.V., 5.00%, 10/01/2025^(b)			9,540,000			9,306,985

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		158

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)

August 31, 2023


	Principal Amount			Value
Electronic Equipment, Instruments & Components-0.80%
Likewize Corp., 9.75%, 10/15/2025^(b)		$	5,190,000		$	5,097,802
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025^(b)			4,092,000			4,026,569

						9,124,371

Energy Equipment & Services-0.41%
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025^(b)			4,780,000			4,647,737

Entertainment-0.46%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025^(b)			5,400,000			5,266,623

Financial Services-1.93%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025^(b)			8,876,000			8,599,069
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025^(b)			3,118,000			2,763,686
United Wholesale Mortgage LLC, 5.50%, 11/15/2025^(b)			10,922,000			10,511,873

						21,874,628

Food Products-4.13%
Aramark Services, Inc.
5.00%, 04/01/2025^(b)			7,532,000			7,446,752
6.38%, 05/01/2025^(b)			20,483,000			20,535,948
B&G Foods, Inc., 5.25%, 04/01/2025			11,962,000			11,710,530
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025^(b)			7,233,000			7,222,124

						46,915,354

Gas Utilities-1.16%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025			9,557,000			9,387,926
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025			3,846,000			3,782,831

						13,170,757

Health Care Providers & Services-2.93%
Akumin, Inc., 7.00%, 11/01/2025^(b)			6,324,000			4,782,478
ModivCare, Inc., 5.88%, 11/15/2025^(b)(c)			6,831,000			6,488,494
Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)(c)			11,933,000			11,193,599
RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)(c)			10,822,000			8,347,658
Surgery Center Holdings, Inc., 6.75%, 07/01/2025^(b)			2,531,000			2,531,114

						33,343,343

Health Care REITs-0.60%
Diversified Healthcare Trust, 9.75%, 06/15/2025			6,885,000			6,777,879

Hotel & Resort REITs-0.59%
XHR L.P., 6.38%, 08/15/2025^(b)			6,831,000			6,755,132

Hotels, Restaurants & Leisure-14.31%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025^(b)(c)			6,831,000			6,786,640
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(b)(c)			47,269,000			46,944,607
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(b)			13,655,000			13,559,632


	Principal Amount			Value
Hotels, Restaurants & Leisure-(continued)
Constellation Merger Sub, Inc., 8.50%, 09/15/2025^(b)		$	5,160,000		$	4,331,124
Dave & Buster’s, Inc., 7.63%, 11/01/2025^(b)			6,010,000			6,075,080
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(b)(c)			6,831,000			6,773,627
IRB Holding Corp., 7.00%, 06/15/2025^(b).			10,242,000			10,251,218
MGM Resorts International
6.75%, 05/01/2025			10,262,000			10,288,281
5.75%, 06/15/2025^(c)			9,215,000			9,095,462
Sabre GLBL, Inc., 7.38%, 09/01/2025^(b)(c)			11,379,000			11,194,129
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025^(b)(c)			4,780,000			4,738,906
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025^(b)			3,631,000			3,516,853
Travel + Leisure Co., 6.60%, 10/01/2025			5,003,000			4,988,398
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025^(b)			24,290,000			24,017,539

						162,561,496

Household Durables-2.03%
American Greetings Corp., 8.75%, 04/15/2025^(b)			2,217,000			2,192,725
Beazer Homes USA, Inc., 6.75%, 03/15/2025			2,818,000			2,808,179
Empire Communities Corp. (Canada), 7.00%, 12/15/2025^(b)(c)			6,274,000			6,062,704
Meritage Homes Corp., 6.00%, 06/01/2025			5,416,000			5,395,988
Newell Brands, Inc., 4.88%, 06/01/2025^(c)			6,830,000			6,634,381

						23,093,977

Industrial Conglomerates-0.86%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025			10,205,000			9,741,137

Insurance-2.41%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025^(b)			12,630,000			12,218,834
AssuredPartners, Inc., 7.00%, 08/15/2025^(b)			6,859,000			6,797,096
USI, Inc., 6.88%, 05/01/2025^(b)			8,400,000			8,406,719

						27,422,649

Interactive Media & Services-0.60%
TripAdvisor, Inc., 7.00%, 07/15/2025^(b)			6,831,000			6,820,857

Machinery-0.82%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025^(b)(c)			9,558,000			9,297,736

Media-3.58%
AMC Networks, Inc., 4.75%, 08/01/2025^(c)			10,922,000			10,248,960
Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025^(b)(c)			5,060,000			5,018,489

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		159

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)

August 31, 2023


	Principal Amount			Value
Media-(continued)
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025^(b)		$	5,505,000		$	5,413,617
Univision Communications, Inc., 5.13%, 02/15/2025^(b)			20,203,000			19,943,392

						40,624,458

Mortgage REITs-1.60%
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 10/01/2025^(b)			4,748,000			4,566,647
Rithm Capital Corp., 6.25%, 10/15/2025^(b)			7,506,000			7,082,474
Starwood Property Trust, Inc., 4.75%, 03/15/2025^(c)			6,770,000			6,551,386

						18,200,507

Oil, Gas & Consumable Fuels-10.89%
CITGO Petroleum Corp., 7.00%, 06/15/2025^(b)			4,350,000			4,311,503
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025			6,831,000			6,779,460
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025^(b)			12,590,000			12,402,535
CVR Energy, Inc., 5.25%, 02/15/2025^(b)			8,192,000			7,953,990
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025			3,410,000			3,389,335
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025^(b)			8,041,000			7,968,795
EQM Midstream Partners L.P., 6.00%, 07/01/2025^(b)			5,498,000			5,452,778
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025			7,297,000			7,206,536
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025^(b)			11,630,000			11,582,317
New Fortress Energy, Inc., 6.75%, 09/15/2025^(b)(c)			17,070,000			16,515,479
NuStar Logistics L.P., 5.75%, 10/01/2025			8,192,000			8,041,109
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025^(c)			8,919,000			8,927,638
Range Resources Corp., 4.88%, 05/15/2025^(c)			9,397,000			9,194,401
SM Energy Co., 5.63%, 06/01/2025			4,767,000			4,699,166
Southwestern Energy Co., 5.70%, 01/23/2025			5,402,000			5,354,433
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025^(b)			4,061,000			3,966,135

						123,745,610

Paper & Forest Products-0.29%
Clearwater Paper Corp., 5.38%, 02/01/2025^(b)			3,361,000			3,268,375


	Principal Amount			Value
Passenger Airlines-3.63%
American Airlines Group, Inc., 3.75%, 03/01/2025^(b)(c)		$	6,800,000		$	6,513,757
American Airlines, Inc., 11.75%, 07/15/2025^(b)			31,690,000			34,715,078

						41,228,835

Pharmaceuticals-2.25%
Bausch Health Cos., Inc., 5.50%, 11/01/2025^(b)			22,748,000			20,511,189
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025^(b)			5,850,000			5,063,351

						25,574,540

Real Estate Management & Development-0.69%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(b)(c)			8,459,000			7,897,787

Semiconductors & Semiconductor Equipment-0.50%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025^(b)			6,170,000			5,662,888

Software-3.03%
Boxer Parent Co., Inc., 7.13%, 10/02/2025^(b)(c)			8,190,000			8,207,608
PTC, Inc., 3.63%, 02/15/2025^(b)			6,830,000			6,598,107
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025^(b)			23,896,000			19,602,489

						34,408,204

Specialty Retail-1.68%
JELD-WEN, Inc., 4.63%, 12/15/2025^(b)(c)			2,730,000			2,649,056
Penske Automotive Group, Inc., 3.50%, 09/01/2025^(c)			7,506,000			7,153,929
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025			9,290,000			9,235,497

						19,038,482

Technology Hardware, Storage & Peripherals-0.86%
Xerox Holdings Corp., 5.00%, 08/15/2025^(b)(c)			10,242,000			9,780,398

Textiles, Apparel & Luxury Goods-0.47%
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)			5,464,000			5,361,195

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,084,783,760)						1,078,168,451


	Shares
Money Market Funds-3.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e) (Cost $34,363,349)			34,363,349			34,363,349

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.93% (Cost $1,119,147,109)						1,112,531,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		160

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)

August 31, 2023


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.09%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		25,736,260		$	25,736,260
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		66,178,954			66,178,954

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,914,880)					91,915,214

TOTAL INVESTMENTS IN SECURITIES-106.02% (Cost $1,211,061,989)					1,204,447,014
OTHER ASSETS LESS LIABILITIES-(6.02)%					(68,390,652	)

NET ASSETS-100.00%				$	1,136,056,362

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $787,744,591, which represented 69.34% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,799,487		$	207,969,326		$	(176,405,464	)		$	-			$	-		$	34,363,349		$	435,912

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,386,194			113,180,285			(101,830,219	)			-				-			25,736,260			697,085	*

Invesco Private Prime Fund			36,993,070			234,269,773			(205,082,929	)			(2,558	)			1,598			66,178,954			1,874,858	*

Total		$	54,178,751		$	555,419,384		$	(483,318,612	)		$	(2,558	)		$	1,598		$	126,278,563		$	3,007,855

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		161

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-96.90%
Aerospace & Defense-1.95%
Bombardier, Inc. (Canada), 7.13%, 06/15/2026^(b)(c)		$	3,340,000		$	3,287,511
TransDigm, Inc., 6.38%, 06/15/2026^(c)			2,640,000			2,642,778

						5,930,289

Automobile Components-1.86%
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026			500,000			486,788
FXI Holdings, Inc., 12.25%, 11/15/2026^(b)			1,320,000			1,184,553
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026^(b)(c)			1,580,000			1,565,679
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026^(c)			2,500,000			2,414,663

						5,651,683

Automobiles-6.27%
Ford Motor Co., 4.35%, 12/08/2026^(c)			3,930,000			3,797,096
Ford Motor Credit Co. LLC
4.39%, 01/08/2026			3,130,000			2,961,021
6.95%, 03/06/2026			3,480,000			3,492,072
6.95%, 06/10/2026			2,130,000			2,134,856
2.70%, 08/10/2026^(c)			4,000,000			3,581,570
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)			1,530,000			1,498,172
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026^(b)			1,800,000			1,596,330

						19,061,117

Banks-0.41%
Freedom Mortgage Corp., 7.63%, 05/01/2026^(b)			1,340,000			1,233,961

Capital Markets-1.06%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026			3,470,000			3,218,875

Chemicals-1.86%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026^(b)			550,000			516,985
INEOS Quattro Finance 2 PLC (United Kingdom), 3.38%, 01/15/2026^(b)(c)			1,520,000			1,392,039
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)			1,290,000			1,051,639
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026^(b)(c)			2,200,000			2,061,856
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026^(c)			670,000			635,214

						5,657,733

Commercial Services & Supplies-4.17%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026^(b)			5,396,000			5,137,849
Cimpress PLC (Ireland), 7.00%, 06/15/2026			1,580,000			1,482,672
CoreCivic, Inc., 8.25%, 04/15/2026^(c)			1,649,000			1,657,027
CPI CG, Inc., 8.63%, 03/15/2026^(b)			770,000			747,593
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026			1,080,000			1,018,181


	Principal Amount			Value
Commercial Services & Supplies-(continued)
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026^(b)		$	1,390,000		$	1,346,299
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b).			1,391,000			1,312,571

						12,702,192

Communications Equipment-0.60%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026^(c)			2,116,000			1,837,735

Construction & Engineering-0.33%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026^(b)			1,040,000			999,419

Consumer Finance-3.36%
Credit Acceptance Corp., 6.63%, 03/15/2026^(c)			1,114,000			1,085,582
goeasy Ltd. (Canada), 4.38%, 05/01/2026^(b)			887,000			815,215
LFS Topco LLC, 5.88%, 10/15/2026^(b)			790,000			684,642
Navient Corp., 6.75%, 06/15/2026^(c)			1,400,000			1,376,984
OneMain Finance Corp., 7.13%, 03/15/2026			4,450,000			4,382,799
SLM Corp., 3.13%, 11/02/2026^(c)			1,347,000			1,200,204
World Acceptance Corp., 7.00%, 11/01/2026^(b)(c)			780,000			679,153

						10,224,579

Consumer Staples Distribution & Retail-1.04%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026^(b)			2,090,000			1,944,476
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026^(b)			1,430,000			1,217,735

						3,162,211

Containers & Packaging-4.53%
Ball Corp., 4.88%, 03/15/2026			2,100,000			2,042,092
Berry Global, Inc., 4.50%, 02/15/2026^(b)(c)			810,000			771,581
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026^(b)(c)			570,000			552,010
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026^(c)			940,000			977,788
LABL, Inc., 6.75%, 07/15/2026^(b)			1,949,000			1,907,130
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026^(b)(c)			7,650,000			7,540,184

						13,790,785

Diversified Consumer Services-0.36%
Graham Holdings Co., 5.75%, 06/01/2026^(b)			1,110,000			1,086,007

Diversified Telecommunication Services-3.51%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026^(b)(c)			5,780,000			5,489,073
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026^(b)(c)			3,390,000			3,237,740
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026^(b)(c)			2,506,000			1,955,662

						10,682,475

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		162

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2023


	Principal Amount			Value
Electric Utilities-1.61%
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026^(b)(c)		$	1,390,000		$	1,285,707
Terraform Global Operating L.P., 6.13%, 03/01/2026^(b)			965,000			928,711
Vistra Operations Co. LLC, 5.50%, 09/01/2026^(b)			2,780,000			2,683,997

						4,898,415

Energy Equipment & Services-3.43%
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/2026^(b)			681,000			710,036
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)			5,707,000			5,686,885
Permian Resources Operating LLC
5.38%, 01/15/2026^(b)			806,000			781,179
7.75%, 02/15/2026^(b)			830,000			839,167
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026^(b)(c)			910,000			903,120
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026^(b)			546,000			542,019
Welltec International ApS (Denmark), 8.25%, 10/15/2026^(b)			950,000			967,200

						10,429,606

Entertainment-0.62%
Cinemark USA, Inc., 5.88%, 03/15/2026^(b)(c)			1,130,000			1,085,831
Live Nation Entertainment, Inc., 5.63%, 03/15/2026^(b)			830,000			805,799

						1,891,630

Financial Services-3.66%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026^(b)			1,670,000			1,581,924
Block, Inc., 2.75%, 06/01/2026^(c)			2,780,000			2,530,641
GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026^(b)			1,100,000			1,103,398
Home Point Capital, Inc., 5.00%, 02/01/2026^(b)			1,530,000			1,438,281
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026^(b)			790,000			693,184
PHH Mortgage Corp., 7.88%, 03/15/2026^(b)			1,041,000			932,164
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026^(b)(c)			3,200,000			2,847,200

						11,126,792

Food Products-0.28%
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026^(b)			900,000			865,989

Gas Utilities-1.15%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026			1,880,000			1,785,509
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026^(b)			1,810,000			1,703,085

						3,488,594

Ground Transportation-0.40%
Hertz Corp. (The), 4.63%, 12/01/2026^(b)(c)			1,350,000			1,223,491


	Principal Amount			Value
Health Care Providers & Services-2.72%
Heartland Dental LLC/Heartland Dental Finance Corp., 8.50%, 05/01/2026^(b)		$	860,000		$	809,419
Tenet Healthcare Corp., 4.88%, 01/01/2026			5,840,000			5,667,382
US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)			2,057,000			1,791,356

						8,268,157

Health Care REITs-0.39%
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026^(c)			1,390,000			1,182,444

Hotel & Resort REITs-0.43%
RLJ Lodging Trust L.P., 3.75%, 07/01/2026^(b)			1,412,000			1,295,016

Hotels, Restaurants & Leisure-6.20%
Carnival Corp., 7.63%, 03/01/2026^(b)(c)			4,037,000			4,028,679
CCM Merger, Inc., 6.38%, 05/01/2026^(b)			735,000			715,075
CEC Entertainment LLC, 6.75%, 05/01/2026^(b)			1,810,000			1,732,295
Empire Resorts, Inc., 7.75%, 11/01/2026^(b)			760,000			598,500
Life Time, Inc.
5.75%, 01/15/2026^(b)			2,572,000			2,511,674
8.00%, 04/15/2026^(b)(c)			1,321,000			1,312,282
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026^(b)			1,200,000			1,164,948
MGM Resorts International, 4.63%, 09/01/2026^(c)			1,117,000			1,053,069
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026^(b)(c)			3,268,000			3,046,266
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026^(b)			940,000			887,623
Travel + Leisure Co., 6.63%, 07/31/2026^(b)			1,810,000			1,797,982

						18,848,393

Household Durables-2.45%
Newell Brands, Inc., 4.70%, 04/01/2026			5,523,000			5,296,590
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026^(b)			2,326,000			2,159,211

						7,455,801

Household Products-0.40%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026^(b)			1,320,000			1,232,405

Independent Power and Renewable Electricity Producers-0.70%
Calpine Corp., 5.25%, 06/01/2026^(b)			1,165,000			1,144,123
Sunnova Energy Corp., 5.88%, 09/01/2026^(b)(c)			1,110,000			977,751

						2,121,874

Insurance-1.53%
HUB International Ltd., 7.00%, 05/01/2026^(b)			4,650,000			4,645,472

Interactive Media & Services-0.84%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)(c)			990,000			726,705
Millennium Escrow Corp., 6.63%, 08/01/2026^(b)			2,210,000			1,822,963

						2,549,668

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		163

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2023


	Principal Amount			Value
IT Services-0.81%
Cogent Communications Group, Inc., 3.50%, 05/01/2026^(b)		$	1,390,000		$	1,288,107
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026^(b)(c)			1,250,000			1,169,900

						2,458,007

Life Sciences Tools & Services-1.34%
IQVIA, Inc., 5.00%, 10/15/2026^(b)(c)			2,890,000			2,794,387
PRA Health Sciences, Inc., 2.88%, 07/15/2026^(b)(c)			1,400,000			1,278,732

						4,073,119

Machinery-1.08%
Chart Industries, Inc., 9.50%, 01/01/2031^(b)(c)			1,420,000			1,530,298
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026^(b)			1,810,000			1,761,158

						3,291,456

Media-5.76%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026^(b)			2,092,000			2,045,067
DISH DBS Corp., 5.25%, 12/01/2026^(b)			7,650,000			6,462,877
Gannett Holdings LLC, 6.00%, 11/01/2026^(b)			945,000			811,471
Gray Television, Inc., 5.88%, 07/15/2026^(b)(c)			1,950,000			1,785,992
Sirius XM Radio, Inc., 3.13%, 09/01/2026^(b)(c)			2,780,000			2,512,008
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026^(b)			1,250,000			1,090,494
TEGNA, Inc., 4.75%, 03/15/2026^(b)			1,485,000			1,416,290
Townsquare Media, Inc., 6.88%, 02/01/2026^(b)(c)			1,440,000			1,387,368

						17,511,567

Metals & Mining-2.76%
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026^(b)			1,552,000			1,514,815
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026^(b)			2,308,000			2,311,342
Constellium SE, 5.88%, 02/15/2026^(b)			845,000			832,878
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026^(b)			792,000			787,866
Novelis Corp., 3.25%, 11/15/2026^(b)			2,090,000			1,896,062
Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026^(b)			1,150,000			1,061,761

						8,404,724

Mortgage REITs-0.32%
Starwood Property Trust, Inc., 3.63%, 07/15/2026^(b)			1,080,000			967,496

Oil, Gas & Consumable Fuels-13.98%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)(c)			2,090,000			2,102,331
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026^(b)			1,535,000			1,563,087


	Principal Amount			Value
Oil, Gas & Consumable Fuels-(continued)
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026^(b)		$	425,000		$	438,414
Berry Petroleum Co. LLC, 7.00%, 02/15/2026^(b)			1,079,000			1,038,633
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026^(b)			830,000			816,489
Buckeye Partners L.P., 3.95%, 12/01/2026			1,712,000			1,580,621
California Resources Corp., 7.13%, 02/01/2026^(b)			1,620,000			1,625,618
Callon Petroleum Co., 6.38%, 07/01/2026^(c)			867,000			855,557
Chesapeake Energy Corp., 5.50%, 02/01/2026^(b)			1,389,000			1,357,388
Chord Energy Corp., 6.38%, 06/01/2026^(b)			1,095,000			1,080,283
CITGO Petroleum Corp., 6.38%, 06/15/2026^(b)			1,720,000			1,681,231
Civitas Resources, Inc., 5.00%, 10/15/2026^(b)			1,112,000			1,056,356
Crescent Energy Finance LLC, 7.25%, 05/01/2026^(b)			1,989,000			1,961,193
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(b)(c)			2,087,000			1,781,307
EQM Midstream Partners L.P., 4.13%, 12/01/2026			1,390,000			1,306,276
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026			945,000			917,472
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026^(b)			1,400,000			1,308,510
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)			2,209,000			2,163,693
Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026^(b)			1,800,000			1,725,585
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026^(b)			1,150,000			1,115,698
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026^(b)(c)			1,894,000			1,814,865
New Fortress Energy, Inc., 6.50%, 09/30/2026^(b)			4,170,000			3,879,862
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026^(b)			1,412,000			1,358,994
PDC Energy, Inc., 5.75%, 05/15/2026			2,018,000			2,014,216
SM Energy Co., 6.75%, 09/15/2026			1,200,000			1,196,040
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026^(b)(c)			1,342,000			1,258,246
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026^(b)(d)			2,180,000			2,105,662
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026			790,000			679,266
W&T Offshore, Inc., 11.75%, 02/01/2026^(b)			740,000			749,931

						42,532,824

Paper & Forest Products-0.25%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026^(c)			797,000			761,737

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		164

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2023


	Principal Amount			Value
Passenger Airlines-2.74%
Air Canada (Canada), 3.88%, 08/15/2026^(b)(c)		$	3,341,000		$	3,088,625
United Airlines, Inc., 4.38%, 04/15/2026^(b)			5,570,000			5,254,887

						8,343,512

Personal Care Products-1.22%
Coty, Inc.
5.00%, 04/15/2026^(b)			2,500,000			2,405,450
6.50%, 04/15/2026^(b)			1,320,000			1,317,650

						3,723,100

Pharmaceuticals-0.61%
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026			1,950,000			1,856,791

Real Estate Management & Development-0.34%
Forestar Group, Inc., 3.85%, 05/15/2026^(b)			1,110,000			1,028,908

Retail REITs-0.96%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)(c)			3,059,000			2,910,076

Software-1.27%
ACI Worldwide, Inc., 5.75%, 08/15/2026^(b)			1,114,000			1,090,760
Boxer Parent Co., Inc., 9.13%, 03/01/2026^(b)			915,000			916,600
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026^(b)(c)			850,000			792,421
Fair Isaac Corp., 5.25%, 05/15/2026^(b)			1,110,000			1,078,432

						3,878,213

Specialty Retail-1.79%
Guitar Center, Inc., 8.50%, 01/15/2026^(b)			1,530,000			1,401,556
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026^(b)			2,286,000			2,085,192
Specialty Building Products Holdings LLC/ SBP Finance Corp., 6.38%, 09/30/2026^(b)			2,050,000			1,965,366

						5,452,114

Technology Hardware, Storage & Peripherals-1.18%
Vericast Corp., 11.00%, 09/15/2026^(b)			3,440,000			3,599,341

Textiles, Apparel & Luxury Goods-1.27%
Hanesbrands, Inc., 4.88%, 05/15/2026^(b)(c)			2,503,000			2,342,556
Under Armour, Inc., 3.25%, 06/15/2026^(c)			1,670,000			1,532,128

						3,874,684

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount			Value
Tobacco-0.21%
Turning Point Brands, Inc., 5.63%, 02/15/2026^(b)		$	700,000		$	653,996

Trading Companies & Distributors-0.52%
Alta Equipment Group, Inc., 5.63%, 04/15/2026^(b)			850,000			787,449
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026^(b)(c)			830,000			781,760

						1,569,209

Water Utilities-0.37%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026^(b)			1,144,000			1,125,476

Total U.S. Dollar Denominated Bonds & Notes (Cost $303,973,970)						294,779,158

	Shares
Money Market Funds-1.46%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(e)(f) (Cost $4,437,939)			4,437,939			4,437,939

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.36% (Cost $308,411,909)						299,217,097


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.21%
Invesco Private Government Fund, 5.30%^(e)(f)(g)			18,066,546			18,066,546
Invesco Private Prime Fund, 5.51%^(e)(f)(g)			46,453,822			46,453,822

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,518,930)						64,520,368

TOTAL INVESTMENTS IN SECURITIES-119.57% (Cost $372,930,839)						363,737,465
OTHER ASSETS LESS LIABILITIES-(19.57)%						(59,538,432	)

NET ASSETS-100.00%.					$	304,199,033

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		165

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $222,137,422, which represented 73.02% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,342,072		$	37,450,323		$	(35,354,456	)		$	-			$	-			$	4,437,939		$	113,317

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,427,083			93,728,951			(84,089,488	)			-				-				18,066,546			559,462	*

Invesco Private Prime Fund			21,669,642			191,080,824			(166,295,774	)			(706	)			(164	)			46,453,822			1,508,443	*

Total		$	32,438,797		$	322,260,098		$	(285,739,718	)		$	(706	)		$	(164	)		$	68,958,307		$	2,181,222

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		166

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.60%
Aerospace & Defense-1.21%
Moog, Inc., 4.25%, 12/15/2027^(b)	$	450,000	$	409,916
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027^(b)		900,000		874,544

				1,284,460

Automobile Components-1.89%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027^(c)		450,000		426,913
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/2027^(b)(c)		360,000		344,045
5.75%, 07/15/2027^(b)		320,000		305,837
Dana, Inc., 5.38%, 11/15/2027^(c)		360,000		340,897
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027^(c)		630,000		593,209

				2,010,901

Automobiles-5.34%
Allison Transmission, Inc., 4.75%, 10/01/2027^(b)		360,000		338,308
Ford Motor Credit Co. LLC
4.27%, 01/09/2027^(c)		795,000		735,778
4.95%, 05/28/2027		1,300,000		1,221,040
4.13%, 08/17/2027		1,100,000		999,096
3.82%, 11/02/2027^(c)		600,000		534,297
7.35%, 11/04/2027^(c)		1,450,000		1,476,999
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027^(b)(c)		420,000		366,903

				5,672,421

Banks-0.37%
Freedom Mortgage Corp., 6.63%, 01/15/2027^(b)		448,000		392,726

Building Products-0.29%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027^(b)		320,000		305,890

Capital Markets-1.58%
APX Group, Inc., 6.75%, 02/15/2027^(b)		547,000		532,220
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		1,310,000		1,150,940

				1,683,160

Chemicals-3.07%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027^(b)(c)		450,000		423,875
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2026^(b)(d)		500,000		493,155
Chemours Co. (The), 5.38%, 05/15/2027^(c)		450,000		424,017
HB Fuller Co., 4.00%, 02/15/2027		270,000		251,903
Methanex Corp. (Canada), 5.13%, 10/15/2027		630,000		591,510
Olympus Water US Holding Corp., 7.13%, 10/01/2027^(b)		250,000		236,023
SNF Group SACA (France), 3.13%, 03/15/2027^(b)		270,000		240,627


	Principal Amount		Value
Chemicals-(continued)
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027	$	320,000	$	312,688
TPC Group, Inc., 13.00%, 12/16/2027^(b)		290,000		294,221

				3,268,019

Commercial Services & Supplies-3.72%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027^(b)		950,000		873,591
Brink’s Co. (The), 4.63%, 10/15/2027^(b)(c)		540,000		502,643
Clean Harbors, Inc., 4.88%, 07/15/2027^(b)		491,000		469,629
CoreCivic, Inc., 4.75%, 10/15/2027		230,000		205,935
Enviri Corp., 5.75%, 07/31/2027^(b)(c)		425,000		369,027
Garda World Security Corp. (Canada), 4.63%, 02/15/2027^(b)		518,000		479,672
Pitney Bowes, Inc., 6.88%, 03/15/2027^(b)(c)		330,000		249,464
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027^(b)(c)		900,000		801,295

				3,951,256

Communications Equipment-0.34%
CommScope Technologies LLC, 5.00%, 03/15/2027^(b)		644,000		358,707

Construction & Engineering-1.14%
AECOM, 5.13%, 03/15/2027^(c)		900,000		864,343
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(b)		360,000		347,030

				1,211,373

Construction Materials-0.43%
Eco Material Technologies, Inc., 7.88%, 01/31/2027^(b)		470,000		458,729

Consumer Finance-1.10%
Navient Corp., 5.00%, 03/15/2027^(c)		630,000		573,820
OneMain Finance Corp., 3.50%, 01/15/2027^(c)		678,000		590,640

				1,164,460

Consumer Staples Distribution & Retail-1.95%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027^(b)		1,220,000		1,153,322
Performance Food Group, Inc., 5.50%, 10/15/2027^(b)		960,000		925,256

				2,078,578

Containers & Packaging-3.93%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027^(b)		480,000		468,532
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027^(b)(c)		850,000		729,118
Graphic Packaging International LLC, 4.75%, 07/15/2027^(b)		268,000		254,865
LABL, Inc., 10.50%, 07/15/2027^(b)		620,000		594,103
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027^(b)		1,210,000		1,097,461

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		167

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2023


	Principal Amount		Value
Containers & Packaging-(continued)
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027^(b)	$	540,000	$	534,265
Pactiv LLC, 8.38%, 04/15/2027		150,000		151,488
Sealed Air Corp., 4.00%, 12/01/2027^(b)		382,000		349,967

				4,179,799

Distributors-0.54%
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027^(b)		600,000		569,970

Diversified Consumer Services-1.04%
Service Corp. International, 4.63%, 12/15/2027^(c)		500,000		470,450
Sotheby’s, 7.38%, 10/15/2027^(b)(c)		700,000		638,110

				1,108,560

Diversified Telecommunication Services-3.08%
Altice France S.A. (France), 8.13%, 02/01/2027^(b)		1,561,000		1,320,668
Frontier Communications Holdings LLC, 5.88%, 10/15/2027^(b)		1,040,000		948,170
Zayo Group Holdings, Inc., 4.00%, 03/01/2027^(b)(c)		1,335,000		1,001,701

				3,270,539

Electric Utilities-1.48%
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027^(b)		496,000		460,849
Vistra Operations Co. LLC, 5.00%, 07/31/2027^(b)		1,180,000		1,110,862

				1,571,711

Electrical Equipment-0.23%
EnerSys, 4.38%, 12/15/2027^(b)		270,000		247,305

Energy Equipment & Services-2.67%
CGG S.A. (France), 8.75%, 04/01/2027^(b)(c)		400,000		344,597
Enerflex Ltd. (Canada), 9.00%, 10/15/2027^(b)		560,000		557,609
Nabors Industries, Inc., 7.38%, 05/15/2027^(b)(c)		630,000		615,384
Transocean, Inc., 11.50%, 01/30/2027^(b)		620,000		655,061
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		678,000		661,678

				2,834,329

Entertainment-2.07%
Live Nation Entertainment, Inc.
6.50%, 05/15/2027^(b)(c)		1,080,000		1,081,815
4.75%, 10/15/2027^(b)(c)		860,000		801,950
Scripps Escrow, Inc., 5.88%, 07/15/2027^(b)(c)		388,000		313,888

				2,197,653

Financial Services-2.67%
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027^(b)		425,000		396,110
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027^(b)		380,000		350,703
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027^(b)		547,000		521,515


	Principal Amount		Value
Financial Services-(continued)
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027^(b)	$	364,000	$	341,446
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027^(b)(c)		902,000		812,089
United Wholesale Mortgage LLC, 5.75%, 06/15/2027^(b)		450,000		415,063

				2,836,926

Food Products-0.38%
Post Holdings, Inc., 5.75%, 03/01/2027^(b)(c)		410,000		401,062

Gas Utilities-0.41%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		471,000		436,060

Ground Transportation-0.49%
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027^(b)		540,000		521,745

Health Care Equipment & Supplies-0.92%
Garden Spinco Corp., 8.63%, 07/20/2030^(b)		314,000		335,525
Teleflex, Inc., 4.63%, 11/15/2027^(c)		450,000		424,805
Varex Imaging Corp., 7.88%, 10/15/2027^(b)		220,000		219,939

				980,269

Health Care Providers & Services-4.90%
Community Health Systems, Inc.
5.63%, 03/15/2027^(b)		1,720,000		1,515,404
8.00%, 12/15/2027^(b)		630,000		606,284
Legacy LifePoint Health LLC, 4.38%, 02/15/2027^(b)		530,000		459,349
Tenet Healthcare Corp.
6.25%, 02/01/2027^(c)		1,360,000		1,340,587
5.13%, 11/01/2027		1,353,000		1,287,894

				5,209,518

Health Care REITs-0.94%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027^(c)		1,270,000		1,004,772

Hotel & Resort REITs-0.89%
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		630,000		586,300
Service Properties Trust, 5.50%, 12/15/2027		406,000		359,782

				946,082

Hotels, Restaurants & Leisure-10.56%
Academy Ltd., 6.00%, 11/15/2027^(b)		360,000		345,276
Affinity Interactive, 6.88%, 12/15/2027^(b)		490,000		434,364
Boyd Gaming Corp., 4.75%, 12/01/2027^(c)		900,000		844,268
Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)(c)		1,460,000		1,483,699
Carnival Corp.
5.75%, 03/01/2027^(b)		3,160,000		2,976,761
9.88%, 08/01/2027^(b)(c)		810,000		856,913
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027		450,000		425,825
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		540,000		520,920

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		168

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2023


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027^(b)	$	680,000	$	655,136
Lindblad Expeditions LLC, 6.75%, 02/15/2027^(b)		330,000		319,014
Penn Entertainment, Inc., 5.63%, 01/15/2027^(b)		360,000		342,889
Sabre GLBL, Inc., 11.25%, 12/15/2027^(b)(c)		500,000		476,981
Six Flags Entertainment Corp., 5.50%, 04/15/2027^(b)(c)		450,000		423,967
Travel + Leisure Co., Series J, 6.00%, 04/01/2027^(c)		360,000		350,370
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027^(b)		810,000		767,411

				11,223,794

Household Durables-1.59%
Beazer Homes USA, Inc., 5.88%, 10/15/2027^(c)		320,000		302,003
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027^(b)		455,000		429,773
Meritage Homes Corp., 5.13%, 06/06/2027		273,000		261,971
Newell Brands, Inc., 6.38%, 09/15/2027^(c)		450,000		442,242
Tri Pointe Homes, Inc., 5.25%, 06/01/2027^(c)		263,000		251,105

				1,687,094

Household Products-0.63%
Energizer Holdings, Inc., 6.50%, 12/31/2027^(b)		270,000		261,120
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027^(b)		470,000		414,093

				675,213

Insurance-1.66%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/2027^(b)		678,000		616,201
6.75%, 10/15/2027^(b)		1,209,000		1,144,071

				1,760,272

Interactive Media & Services-1.73%
Match Group Holdings II LLC, 5.00%, 12/15/2027^(b)		410,000		385,307
Nexstar Media, Inc., 5.63%, 07/15/2027^(b)		1,550,000		1,458,306

				1,843,613

IT Services-1.01%
Cablevision Lightpath LLC, 3.88%, 09/15/2027^(b)		400,000		334,384
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(b)		410,000		398,356
Unisys Corp., 6.88%, 11/01/2027^(b)		430,000		339,717

				1,072,457


	Principal Amount		Value
Machinery-1.47%
Park-Ohio Industries, Inc., 6.63%, 04/15/2027	$	317,000	$	275,348
TK Elevator US Newco, Inc. (Germany), 5.25%, 07/15/2027^(b)		1,370,000		1,285,471

				1,560,819

Media-11.13%
Belo Corp.
7.75%, 06/01/2027		200,000		199,345
7.25%, 09/15/2027		215,000		210,179
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027^(b)(c)		2,940,000		2,766,525
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027^(b)(c)		1,130,000		1,013,155
CMG Media Corp., 8.88%, 12/15/2027^(b)		875,000		688,161
CSC Holdings LLC, 5.50%, 04/15/2027^(b)(c)		1,100,000		950,763
DISH Network Corp., 11.75%, 11/15/2027^(b)		3,160,000		3,209,110
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027^(b)		300,000		297,235
Sinclair Television Group, Inc., 5.13%, 02/15/2027^(b)(c)		250,000		205,266
Sirius XM Radio, Inc., 5.00%, 08/01/2027^(b)		1,360,000		1,258,653
Videotron Ltd. (Canada), 5.13%, 04/15/2027^(b)		540,000		517,536
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027^(b)(c)		550,000		512,038

				11,827,966

Metals & Mining-0.74%
Compass Minerals International, Inc., 6.75%, 12/01/2027^(b)(c)		450,000		436,984
New Gold, Inc. (Canada), 7.50%, 07/15/2027^(b)		361,000		345,110

				782,094

Mortgage REITs-1.16%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027^(b)		351,000		300,539
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 4.25%, 02/01/2027^(b)		590,000		534,273
Starwood Property Trust, Inc., 4.38%, 01/15/2027^(b)(c)		450,000		402,338

				1,237,150

Oil, Gas & Consumable Fuels-7.24%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027^(b)		312,000		392,621
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027^(b)		370,000		379,036
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027^(b)		290,000		277,433
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027^(b)		496,000		506,711
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027^(b)(c)		300,000		284,344

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		169

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
EQM Midstream Partners L.P.
7.50%, 06/01/2027^(b)	$	450,000	$	454,606
6.50%, 07/01/2027^(b)		810,000		805,608
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027^(b)		565,000		565,669
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		890,000		878,296
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(b)		364,000		362,454
MEG Energy Corp. (Canada), 7.13%, 02/01/2027^(b)		410,000		415,541
Murphy Oil Corp., 5.88%, 12/01/2027^(c)		495,000		486,926
Murphy Oil USA, Inc., 5.63%, 05/01/2027		270,000		263,139
NuStar Logistics L.P., 5.63%, 04/28/2027		498,000		483,658
Parkland Corp. (Canada), 5.88%, 07/15/2027^(b)		450,000		435,316
SM Energy Co., 6.63%, 01/15/2027^(c)		330,000		326,172
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027^(b)		390,000		374,176

				7,691,706

Passenger Airlines-0.46%
Allegiant Travel Co., 7.25%, 08/15/2027^(b)		500,000		489,903

Pharmaceuticals-0.95%
Bausch Health Cos., Inc., 6.13%, 02/01/2027^(b)		900,000		592,677
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027^(b)		450,000		420,622

				1,013,299

Professional Services-0.71%
AMN Healthcare, Inc., 4.63%, 10/01/2027^(b)		455,000		417,816
Korn Ferry, 4.63%, 12/15/2027^(b)		360,000		335,175

				752,991

Retail REITs-0.53%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027, (Acquired 12/14/2021 - 08/25/2023; Cost $626,537)^(b)(e)		675,000		564,357

Software-1.19%
Gen Digital, Inc., 6.75%, 09/30/2027^(b)		810,000		812,920
NCR Corp., 5.75%, 09/01/2027^(b)		450,000		454,758

				1,267,678

Specialized REITs-1.97%
Iron Mountain, Inc., 4.88%, 09/15/2027^(b)		900,000		848,182
SBA Communications Corp., 3.88%, 02/15/2027^(c)		1,350,000		1,249,385

				2,097,567

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Specialty Retail-0.61%
JELD-WEN, Inc., 4.88%, 12/15/2027^(b)	$	360,000	$	320,786
Lithia Motors, Inc., 4.63%, 12/15/2027^(b)		360,000		332,843

				653,629

Technology Hardware, Storage & Peripherals-1.54%
Presidio Holdings, Inc., 4.88%, 02/01/2027^(b)		471,000		440,786
Seagate HDD Cayman
4.88%, 06/01/2027		460,000		440,960
9.63%, 12/01/2032^(b)		680,000		753,998

				1,635,744

Trading Companies & Distributors-1.39%
Herc Holdings, Inc., 5.50%, 07/15/2027^(b)(c)		1,080,000		1,039,533
United Rentals (North America), Inc., 5.50%, 05/15/2027		450,000		441,490

				1,481,023

Wireless Telecommunication Services-0.26%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/2027^(b)		320,000		281,817

Total U.S. Dollar Denominated Bonds & Notes (Cost $107,269,045)				103,757,166

	Shares
Money Market Funds-0.73%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(f)(g) (Cost $775,448)		775,448		775,448

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.33% (Cost $108,044,493)				104,532,614


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.01%
Invesco Private Government Fund, 5.30%^(f)(g)(h)		7,741,004		7,741,004
Invesco Private Prime Fund, 5.51%^(f)(g)(h)		19,905,247		19,905,247

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,646,251)				27,646,251

TOTAL INVESTMENTS IN SECURITIES-124.34% (Cost $135,690,744)				132,178,865
OTHER ASSETS LESS LIABILITIES-(24.34)%				(25,870,493	)

NET ASSETS-100.00%.			$	106,308,372

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		170

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $77,085,723, which represented 72.51% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)	Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(f)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	251,169		$	9,930,110		$	(9,405,831	)		$	-			$	-			$	775,448		$	38,519

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,155,557			35,803,379			(29,217,932	)			-				-				7,741,004			165,050	*

Invesco Private Prime Fund			4,009,984			71,247,297			(55,351,381	)			(330	)			(323	)			19,905,247			440,942	*


Total		$	5,416,710		$	116,980,786		$	(93,975,144	)		$	(330	)		$	(323	)		$	28,421,699		$	644,511

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(h)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		171

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-97.33%
Aerospace & Defense-2.89%
Bombardier, Inc. (Canada), 6.00%, 02/15/2028^(b)(c)		$	290,000		$	271,304
BWX Technologies, Inc., 4.13%, 06/30/2028^(b)			156,000			142,097
Spirit AeroSystems, Inc., 4.60%, 06/15/2028.			260,000			210,875
TransDigm, Inc., 6.75%, 08/15/2028^(b)			810,000			813,852
Triumph Group, Inc., 9.00%, 03/15/2028^(b)			440,000			443,527

						1,881,655

Automobile Components-2.40%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028			150,000			137,720
ANGI Group LLC, 3.88%, 08/15/2028^(b)			180,000			144,620
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028^(b)			190,000			172,966
Benteler International AG (Austria), 10.50%, 05/15/2028^(b)			150,000			151,232
Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028^(b)(c)			290,000			289,508
Dana, Inc., 5.63%, 06/15/2028			150,000			141,339
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028^(b)			180,000			168,205
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028^(b)			180,000			175,725
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028^(b)			180,000			179,596

						1,560,911

Automobiles-2.28%
Ford Motor Co., 6.63%, 10/01/2028			160,000			161,447
Ford Motor Credit Co. LLC
2.90%, 02/16/2028^(c)			300,000			256,293
6.80%, 05/12/2028^(c)			540,000			540,319
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028^(b)			200,000			184,417
PM General Purchaser LLC, 9.50%, 10/01/2028^(b)			240,000			231,323
Winnebago Industries, Inc., 6.25%, 07/15/2028^(b)			110,000			107,186

						1,480,985

Biotechnology-0.46%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028^(b)			170,000			81,798
Grifols S.A. (Spain), 4.75%, 10/15/2028^(b)(c).			250,000			219,568

						301,366

Broadline Retail-0.16%
QVC, Inc., 4.38%, 09/01/2028			180,000			102,029

Building Products-0.69%
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/2028^(b)			217,000			200,447
9.75%, 07/15/2028^(b)			100,000			99,199
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028			160,000			147,415

						447,061


	Principal Amount			Value
Capital Markets-1.80%
Coinbase Global, Inc., 3.38%, 10/01/2028^(b)		$	390,000		$	287,293
NFP Corp.
4.88%, 08/15/2028^(b)			200,000			178,507
6.88%, 08/15/2028^(b)			800,000			705,339

						1,171,139

Chemicals-5.82%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028^(b)			290,000			196,390
Calderys Financing LLC (France), 11.25%, 06/01/2028^(b)			210,000			215,505
Chemours Co. (The), 5.75%, 11/15/2028^(b)			290,000			260,774
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028^(b)			150,000			125,419
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028^(b)			210,000			188,208
Element Solutions, Inc., 3.88%, 09/01/2028^(b)(c)			310,000			272,806
HB Fuller Co., 4.25%, 10/15/2028^(c)			118,000			105,439
Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028^(b)			100,000			76,908
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028^(b)			180,000			166,820
Ingevity Corp., 3.88%, 11/01/2028^(b)			200,000			170,118
Innophos Holdings, Inc., 9.38%, 02/15/2028^(b)			110,000			108,085
Iris Holding, Inc., 10.00%, 12/15/2028^(b)			150,000			120,000
LSB Industries, Inc., 6.25%, 10/15/2028^(b)			280,000			256,326
Minerals Technologies, Inc., 5.00%, 07/01/2028^(b)			150,000			138,142
Olympus Water US Holding Corp.
4.25%, 10/01/2028^(b)			300,000			246,564
9.75%, 11/15/2028^(b)			610,000			615,232
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028^(b)			430,000			387,398
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028^(b)			151,000			133,650

						3,783,784

Commercial Services & Supplies-4.68%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.
4.63%, 06/01/2028^(b)			270,000			228,505
4.63%, 06/01/2028^(b)			400,000			340,360
Garda World Security Corp. (Canada), 7.75%, 02/15/2028^(b)			150,000			149,036
GEO Group, Inc. (The), 10.50%, 06/30/2028			110,000			110,132
GFL Environmental, Inc. (Canada)
4.00%, 08/01/2028^(b)(c)			290,000			259,149
3.50%, 09/01/2028^(b)(c)			290,000			256,451
Interface, Inc., 5.50%, 12/01/2028^(b)			100,000			85,523
Madison IAQ LLC, 4.13%, 06/30/2028^(b)			260,000			230,264
MPH Acquisition Holdings LLC
5.50%, 09/01/2028^(b)			400,000			340,054
5.75%, 11/01/2028^(b)			343,000			257,310
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028^(b)(c)			500,000			476,741

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		172

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) –(continued)

August 31, 2023


	Principal Amount			Value
Commercial Services & Supplies-(continued)
R.R. Donnelley & Sons Co., 9.75%, 07/31/2028^(b)		$	110,000		$	110,107
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028^(b)			200,000			202,700

						3,046,332

Communications Equipment-0.17%
Viasat, Inc., 6.50%, 07/15/2028^(b)			142,000			111,165

Construction & Engineering-1.18%
Fluor Corp., 4.25%, 09/15/2028^(c)			220,000			205,359
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028^(b)			200,000			207,306
Pike Corp., 5.50%, 09/01/2028^(b)			261,000			235,148
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028^(b)			127,000			121,644

						769,457

Construction Materials-0.68%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028^(b)(c)			262,000			261,611
Williams Scotsman International, Inc., 4.63%, 08/15/2028^(b)			200,000			182,680

						444,291

Consumer Finance-0.99%
FirstCash, Inc., 4.63%, 09/01/2028^(b)			180,000			160,273
Navient Corp., 4.88%, 03/15/2028			190,000			165,661
OneMain Finance Corp., 3.88%, 09/15/2028			220,000			180,630
PRA Group, Inc., 8.38%, 02/01/2028^(b)			150,000			137,046

						643,610

Consumer Staples Distribution & Retail-1.18%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 6.50%, 02/15/2028^(b)(c)			290,000			288,950
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)			151,000			117,262
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028^(b)			140,000			94,717
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)			110,000			106,442
United Natural Foods, Inc., 6.75%, 10/15/2028^(b)			191,000			159,204

						766,575

Containers & Packaging-3.53%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)			200,000			170,265
Ball Corp., 6.88%, 03/15/2028^(c)			290,000			294,650
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028^(b)			170,000			160,207
Graham Packaging Co., Inc., 7.13%, 08/15/2028^(b)			182,000			158,913
Graphic Packaging International LLC, 3.50%, 03/15/2028^(b)			160,000			142,701
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028^(b)			237,000			213,926


	Principal Amount			Value
Containers & Packaging-(continued)
LABL, Inc.
5.88%, 11/01/2028^(b)		$	180,000		$	163,913
9.50%, 11/01/2028^(b)			110,000			113,357
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028^(b)			180,000			159,913
Sealed Air Corp./Sealed Air Corp US, 6.13%, 02/01/2028^(b)			280,000			275,420
Silgan Holdings, Inc., 4.13%, 02/01/2028			220,000			201,767
Trident TPI Holdings, Inc., 12.75%, 12/31/2028^(b)			230,000			239,511

						2,294,543

Distributors-0.31%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028^(b)			196,000			204,567

Diversified Consumer Services-0.43%
Adtalem Global Education, Inc., 5.50%, 03/01/2028^(b)			155,000			144,599
Grand Canyon University, 5.13%, 10/01/2028			150,000			135,570

						280,169

Diversified REITs-2.15%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028^(b)			260,000			240,762
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/2028^(b)			970,000			968,578
4.75%, 04/15/2028^(b)			220,000			185,645

						1,394,985

Diversified Telecommunication Services-3.91%
Altice France S.A. (France), 5.50%, 01/15/2028^(b)			400,000			300,119
CommScope, Inc., 7.13%, 07/01/2028^(b)			251,000			140,086
Consolidated Communications, Inc.
5.00%, 10/01/2028^(b)			150,000			112,548
6.50%, 10/01/2028^(b)			290,000			222,903
Frontier Communications Holdings LLC, 5.00%, 05/01/2028^(b)(c)			580,000			497,520
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028^(b)(c)			300,000			279,441
Level 3 Financing, Inc., 4.25%, 07/01/2028^(b)			460,000			302,026
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028^(b)(c)			543,000			440,711
Zayo Group Holdings, Inc., 6.13%, 03/01/2028^(b)			380,000			247,349

						2,542,703

Electric Utilities-0.90%
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc., 4.50%, 08/15/2028^(b)			250,000			227,827
PG&E Corp., 5.00%, 07/01/2028^(c)			390,000			359,124

						586,951

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		173

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2023


	Principal Amount			Value
Electrical Equipment-1.22%
Vertiv Group Corp., 4.13%, 11/15/2028^(b)		$	330,000		$	296,565
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)			490,000			499,153

						795,718

Energy Equipment & Services-1.55%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028^(b)			310,000			296,220
Bristow Group, Inc., 6.88%, 03/01/2028^(b)			140,000			131,083
Harvest Midstream I L.P., 7.50%, 09/01/2028^(b)			310,000			311,053
Nine Energy Service, Inc., 13.00%, 02/01/2028			120,000			109,628
Weatherford International Ltd., 6.50%, 09/15/2028^(b)			160,000			160,541

						1,008,525

Entertainment-0.63%
Cinemark USA, Inc., 5.25%, 07/15/2028^(b)			280,000			248,959
Live Nation Entertainment, Inc., 3.75%, 01/15/2028^(b)			180,000			160,733

						409,692

Financial Services-3.01%
AG Issuer LLC, 6.25%, 03/01/2028^(b)			190,000			182,226
Burford Capital Global Finance LLC, 6.25%, 04/15/2028^(b)			200,000			184,281
GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028^(b)			230,000			233,441
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028^(b)			350,000			299,205
LD Holdings Group LLC, 6.13%, 04/01/2028^(b)			230,000			149,819
Macquarie Airfinance Holdings Ltd. (United Kingdom), 8.38%, 05/01/2028^(b)			190,000			194,170
Midcap Financial Issuer Trust, 6.50%, 05/01/2028^(b)			320,000			285,106
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028^(b)			310,000			281,265
Werner FinCo L.P./Werner FinCo, Inc., 11.50%, 06/15/2028^(b)			140,000			145,498

						1,955,011

Food Products-2.11%
Aramark Services, Inc., 5.00%, 02/01/2028^(b)(c)			420,000			392,202
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028^(b)			173,000			155,399
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028^(b)			190,000			179,613
Post Holdings, Inc., 5.63%, 01/15/2028^(b)(c)			360,000			345,522
TKC Holdings, Inc., 6.88%, 05/15/2028^(b)			160,000			144,805
TreeHouse Foods, Inc., 4.00%, 09/01/2028			180,000			154,270

						1,371,811

Gas Utilities-0.28%
AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028^(b)			180,000			184,667


	Principal Amount			Value
Ground Transportation-0.28%
Uber Technologies, Inc., 6.25%, 01/15/2028^(b)		$	180,000		$	178,771

Health Care Equipment & Supplies-0.47%
Hologic, Inc., 4.63%, 02/01/2028^(b)			150,000			140,487
Teleflex, Inc., 4.25%, 06/01/2028^(b)			180,000			165,718

						306,205

Health Care Providers & Services-3.78%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028^(b)			160,000			151,736
Akumin Escrow, Inc., 7.50%, 08/01/2028^(b)			140,000			92,887
Avantor Funding, Inc., 4.63%, 07/15/2028^(b)(c)			599,000			556,614
Cano Health LLC, 6.25%, 10/01/2028^(b)			100,000			34,090
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028^(b)			200,000			202,250
Molina Healthcare, Inc., 4.38%, 06/15/2028^(b)			310,000			284,766
Tenet Healthcare Corp.
4.63%, 06/15/2028			220,000			202,814
6.13%, 10/01/2028^(c)			970,000			935,172

						2,460,329

Health Care REITs-0.41%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(b)			150,000			130,842
Diversified Healthcare Trust, 4.75%, 02/15/2028			180,000			137,678

						268,520

Hotels, Restaurants & Leisure-4.56%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028^(b)			290,000			266,438
Carnival Corp., 4.00%, 08/01/2028^(b)			930,000			833,008
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028			120,000			116,114
Churchill Downs, Inc., 4.75%, 01/15/2028^(b)			270,000			249,257
Full House Resorts, Inc., 8.25%, 02/15/2028^(b)			152,000			135,378
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028^(b)			190,000			186,589
Light & Wonder International, Inc., 7.00%, 05/15/2028^(b)			270,000			269,236
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028^(b)			110,000			113,131
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028			133,000			118,838
MGM Resorts International, 4.75%, 10/15/2028^(c)			297,000			269,801
Station Casinos LLC, 4.50%, 02/15/2028^(b)			270,000			241,893
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028^(b)			182,000			166,148

						2,965,831

Household Durables-0.80%
CP Atlas Buyer, Inc., 7.00%, 12/01/2028^(b)			184,000			154,695
Installed Building Products, Inc., 5.75%, 02/01/2028^(b)			100,000			94,071

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		174

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2023


	Principal Amount			Value
Household Durables-(continued)
M/I Homes, Inc., 4.95%, 02/01/2028		$	150,000		$	139,326
Tri Pointe Homes, Inc., 5.70%, 06/15/2028			136,000			129,067

						517,159

Household Products-0.65%
Central Garden & Pet Co., 5.13%, 02/01/2028			100,000			94,013
Energizer Holdings, Inc., 4.75%, 06/15/2028^(b)(c)			212,000			187,420
Prestige Brands, Inc., 5.13%, 01/15/2028^(b)			150,000			142,310

						423,743

Independent Power and Renewable Electricity Producers-2.52%
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028^(b)			200,000			178,902
Calpine Corp.
4.50%, 02/15/2028^(b)(c)			460,000			426,248
5.13%, 03/15/2028^(b)			540,000			492,469
Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)(c)			330,000			305,430
TerraForm Power Operating LLC, 5.00%, 01/31/2028^(b)			260,000			236,357

						1,639,406

Insurance-0.73%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028^(b)			480,000			473,349

Interactive Media & Services-1.01%
Cars.com, Inc., 6.38%, 11/01/2028^(b)			150,000			138,860
Match Group Holdings II LLC, 4.63%, 06/01/2028^(b)			190,000			175,469
Nexstar Media, Inc., 4.75%, 11/01/2028^(b)			390,000			342,547

						656,876

IT Services-2.29%
Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028^(b)			100,000			81,094
Ahead DB Holdings LLC, 6.63%, 05/01/2028^(b)			148,000			128,528
Arches Buyer, Inc., 4.25%, 06/01/2028^(b)(c)			360,000			313,570
Cablevision Lightpath LLC, 5.63%, 09/15/2028^(b)			200,000			154,334
EquipmentShare.com, Inc., 9.00%, 05/15/2028^(b)(c)			250,000			248,438
Gartner, Inc., 4.50%, 07/01/2028^(b)(c)			290,000			270,720
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028^(b)			200,000			175,712
Virtusa Corp., 7.13%, 12/15/2028^(b)			140,000			114,779

						1,487,175

Machinery-1.31%
ATS Corp. (Canada), 4.13%, 12/15/2028^(b)			120,000			106,747
GrafTech Finance, Inc., 4.63%, 12/15/2028^(b)			180,000			141,462
Titan International, Inc., 7.00%, 04/30/2028			150,000			143,048
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028^(b)			200,000			185,615


	Principal Amount			Value
Machinery-(continued)
Trinity Industries, Inc., 7.75%, 07/15/2028^(b)		$	150,000		$	152,709
Wabash National Corp., 4.50%, 10/15/2028^(b)			140,000			118,958

						848,539

Media-8.61%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028^(b)			283,000			246,992
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028^(b)(c)			970,000			894,724
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028^(b)			380,000			299,228
CSC Holdings LLC
5.38%, 02/01/2028^(b)			340,000			279,068
11.25%, 05/15/2028^(b)			300,000			296,167
DISH DBS Corp.
7.38%, 07/01/2028			390,000			244,698
5.75%, 12/01/2028^(b)			970,000			754,801
GCI LLC, 4.75%, 10/15/2028^(b)			230,000			199,784
iHeartCommunications, Inc., 4.75%, 01/15/2028^(b)			178,000			137,363
Lamar Media Corp., 3.75%, 02/15/2028^(c)			231,000			210,603
McGraw-Hill Education, Inc., 5.75%, 08/01/2028^(b)(c)			310,000			275,404
Sirius XM Radio, Inc., 4.00%, 07/15/2028^(b)(c)			770,000			667,464
TEGNA, Inc., 4.63%, 03/15/2028			360,000			322,889
Univision Communications, Inc., 8.00%, 08/15/2028^(b)			190,000			190,066
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028^(b)			200,000			178,201
Urban One, Inc., 7.38%, 02/01/2028^(b)			260,000			226,318
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028^(b)			200,000			177,410

						5,601,180

Metals & Mining-0.69%
Century Aluminum Co., 7.50%, 04/01/2028^(b)			90,000			84,960
Constellium SE, 5.63%, 06/15/2028^(b)			100,000			94,648
Kaiser Aluminum Corp., 4.63%, 03/01/2028^(b)			180,000			159,428
Warrior Met Coal, Inc., 7.88%, 12/01/2028^(b)			110,000			112,344

						451,380

Oil, Gas & Consumable Fuels-6.85%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028^(b)			110,000			110,233
Callon Petroleum Co., 8.00%, 08/01/2028^(b)			238,000			241,573
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028^(b)			130,000			129,342
Civitas Resources, Inc., 8.38%, 07/01/2028^(b)			500,000			515,625
Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028^(b)			80,000			74,125
Crescent Energy Finance LLC, 9.25%, 02/15/2028^(b)			150,000			153,581
CVR Energy, Inc., 5.75%, 02/15/2028^(b)			150,000			136,712

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		175

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2023


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)	$	150,000	$	139,572
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028^(b)(c)		255,000		242,021
EQM Midstream Partners L.P., 5.50%, 07/15/2028		330,000		315,600
Global Marine, Inc., 7.00%, 06/01/2028		100,000		86,925
Hess Midstream Operations L.P., 5.13%, 06/15/2028^(b)		200,000		187,792
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		172,000		161,503
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028^(b)		140,000		141,773
Matador Resources Co., 6.88%, 04/15/2028^(b)		190,000		189,873
Murphy Oil Corp., 6.38%, 07/15/2028		263,000		263,103
Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		269,000		269,890
SM Energy Co., 6.50%, 07/15/2028		150,000		146,760
Venture Global LNG, Inc., 8.13%, 06/01/2028^(b)		830,000		838,005
Vital Energy, Inc., 10.13%, 01/15/2028		106,000		107,706

				4,451,714

Paper & Forest Products-0.58%
Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028^(b)		100,000		83,479
Clearwater Paper Corp., 4.75%, 08/15/2028^(b)		90,000		78,681
Domtar Corp., 6.75%, 10/01/2028^(b)		250,000		216,505

				378,665

Passenger Airlines-0.74%
American Airlines, Inc., 7.25%, 02/15/2028^(b)(c)		290,000		285,164
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028^(b)		220,000		198,946

				484,110

Personal Care Products-0.41%
Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)(c)		280,000		264,155

Pharmaceuticals-3.39%
AdaptHealth LLC, 6.13%, 08/01/2028^(b)		116,000		104,848
Bausch Health Cos., Inc.
4.88%, 06/01/2028^(b)		580,000		344,702
11.00%, 09/30/2028^(b)		640,000		458,520
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028^(b)		200,000		181,298
Elanco Animal Health, Inc., 6.65%, 08/28/2028^(c)		280,000		276,850
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 11.50%, 12/15/2028^(b)		200,000		180,837
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028^(b)		725,000		656,837

				2,203,892


	Principal Amount		Value
Professional Services-1.43%
ASGN, Inc., 4.63%, 05/15/2028^(b)	$	200,000	$	179,919
Clarivate Science Holdings Corp., 3.88%, 07/01/2028^(b)		360,000		317,581
CoreLogic, Inc., 4.50%, 05/01/2028^(b)(c)		276,000		225,879
KBR, Inc., 4.75%, 09/30/2028^(b)		86,000		77,562
Science Applications International Corp., 4.88%, 04/01/2028^(b)		140,000		130,446

				931,387

Real Estate Management & Development-0.87%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028^(b)		232,000		221,103
Forestar Group, Inc., 5.00%, 03/01/2028^(b)		100,000		92,515
Howard Hughes Corp. (The), 5.38%, 08/01/2028^(b)		280,000		252,480

				566,098

Residential REITs-0.14%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028^(b)		95,000		90,893

Retail REITs-0.23%
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028^(b)		197,000		151,055

Semiconductors & Semiconductor Equipment-0.58%
Entegris, Inc., 4.38%, 04/15/2028^(b)		158,000		144,192
ON Semiconductor Corp., 3.88%, 09/01/2028^(b)		262,000		233,467

				377,659

Software-1.93%
Alteryx, Inc., 8.75%, 03/15/2028^(b)		170,000		164,203
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028^(b)		180,000		162,850
Fair Isaac Corp., 4.00%, 06/15/2028^(b)(c)		330,000		302,081
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028^(b)		100,000		86,353
MicroStrategy, Inc., 6.13%, 06/15/2028^(b)		171,000		153,243
NCR Corp., 5.00%, 10/01/2028^(b)		240,000		220,492
PTC, Inc., 4.00%, 02/15/2028^(b)		180,000		165,541

				1,254,763

Specialized REITs-0.72%
Iron Mountain, Inc.
5.25%, 03/15/2028^(b)		320,000		300,325
5.00%, 07/15/2028^(b)		180,000		166,856

				467,181

Specialty Retail-2.83%
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		150,000		136,969
At Home Group, Inc., 4.88%, 07/15/2028^(b)		90,000		43,467
Bath & Body Works, Inc., 5.25%, 02/01/2028		180,000		172,860
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		280,000		248,875
Ken Garff Automotive LLC, 4.88%, 09/15/2028^(b)		140,000		121,935
Michaels Cos., Inc. (The), 5.25%, 05/01/2028^(b)(c)		310,000		258,742

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		176

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2023


	Principal Amount		Value
Specialty Retail-(continued)
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)	$	450,000	$	404,089
SRS Distribution, Inc., 4.63%, 07/01/2028^(b)		250,000		222,764
White Cap Buyer LLC, 6.88%, 10/15/2028^(b)		248,000		227,819

				1,837,520

Technology Hardware, Storage & Peripherals-0.69%
Presidio Holdings, Inc., 8.25%, 02/01/2028^(b)		200,000		193,979
Xerox Holdings Corp., 5.50%, 08/15/2028^(b)(c)		290,000		252,618

				446,597

Trading Companies & Distributors-2.17%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(b)		400,000		371,934
H&E Equipment Services, Inc., 3.88%, 12/15/2028^(b)(c)		480,000		419,545
United Rentals (North America), Inc., 4.88%, 01/15/2028		650,000		619,083

				1,410,562

Wireless Telecommunication Services-0.25%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
6.00%, 02/15/2028^(b)		100,000		80,279
10.75%, 06/01/2028^(b)		90,000		83,816

				164,095

Total U.S. Dollar Denominated Bonds & Notes (Cost $65,808,694)				63,298,511


	Shares		Value
Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e) (Cost $648,228)		648,228	$	648,228

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.33% (Cost $66,456,922)				63,946,739


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.33%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		3,187,584		3,187,584
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		8,736,644		8,736,644

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,924,278)				11,924,228

TOTAL INVESTMENTS IN SECURITIES-116.66% (Cost $78,381,200)				75,870,967
OTHER ASSETS LESS LIABILITIES-(16.66)%				(10,832,617	)

NET ASSETS-100.00%.			$	65,038,350

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $54,388,927, which represented 83.63% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)

Change in

Unrealized

Value

Purchases

Proceeds

Appreciation

Realized

Value

Dividend

August 31, 2022

at Cost

from Sales

(Depreciation)

Gain

August 31, 2023

Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

$ 145,115

$ 4,926,602

$ (4,423,489)

$ -

$ 648,228

$ 13,595

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		177

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2023


									Change in
									Unrealized
	Value			Purchases		Proceeds			Appreciation				Realized			Value			Dividend
	August 31, 2022			at Cost		from Sales			(Depreciation)				Gain			August 31, 2023			Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	480,278	$	16,539,611	$	(13,832,305	)		$	-			$	-		$	3,187,584	$	60,295	*

Invesco Private Prime Fund			1,235,001		28,248,296		(20,746,690	)			(134	)			171			8,736,644		163,747	*


Total		$	1,860,394	$	49,714,509	$	(39,002,484	)		$	(134	)		$	171		$	12,572,456	$	237,637

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		178

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-97.72%
Aerospace & Defense-1.49%
Bombardier, Inc. (Canada), 7.50%, 02/01/2029^(b)		$	80,000		$	78,465
BWX Technologies, Inc., 4.13%, 04/15/2029^(b)			40,000			35,630
TransDigm, Inc.
4.63%, 01/15/2029			130,000			116,676
4.88%, 05/01/2029			80,000			72,055

						302,826

Automobile Components-1.80%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029			70,000			57,695
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029^(b)			70,000			64,411
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029			80,000			71,080
NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)			100,000			90,780
Patrick Industries, Inc., 4.75%, 05/01/2029^(b)			30,000			25,698
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029^(b)			70,000			57,066

						366,730

Automobiles-1.86%
Allison Transmission, Inc., 5.88%, 06/01/2029^(b)			50,000			48,341
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029^(b)			70,000			60,434
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029			200,000			184,165
Jaguar Land Rover Automotive PLC (United Kingdom), 5.50%, 07/15/2029^(b)			50,000			43,492
Thor Industries, Inc., 4.00%, 10/15/2029^(b)			50,000			42,067

						378,499

Beverages-0.64%
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029^(b)			70,000			61,488
Triton Water Holdings, Inc., 6.25%, 04/01/2029^(b)			80,000			68,076

						129,564

Building Products-1.34%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029^(b)			30,000			24,391
GYP Holdings III Corp., 4.63%, 05/01/2029^(b)			40,000			35,273
Park River Holdings, Inc.
5.63%, 02/01/2029^(b)			40,000			31,336
6.75%, 08/01/2029^(b)			30,000			24,188
PGT Innovations, Inc., 4.38%, 10/01/2029^(b)			60,000			55,740
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029			30,000			26,633
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029^(b)			80,000			75,022

						272,583

Capital Markets-0.87%
APX Group, Inc., 5.75%, 07/15/2029^(b)			90,000			77,627


	Principal Amount			Value
Capital Markets-(continued)
Armor Holdco, Inc., 8.50%, 11/15/2029^(b)		$	40,000		$	35,072
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029			80,000			63,262

						175,961

Chemicals-3.62%
ASP Unifrax Holdings, Inc., 7.50%, 09/30/2029^(b)(c)			40,000			20,859
Axalta Coating Systems LLC, 3.38%, 02/15/2029^(b)			150,000			127,354
Chemours Co. (The), 4.63%, 11/15/2029^(b)			60,000			49,935
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029^(b)			40,000			33,369
Methanex Corp. (Canada), 5.25%, 12/15/2029			70,000			63,829
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029^(b)			50,000			40,658
Olympus Water US Holding Corp., 6.25%, 10/01/2029^(b)			40,000			32,239
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029^(b)			80,000			70,667
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029			40,000			33,494
SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029^(b)			60,000			49,348
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)			40,000			21,647
Tronox, Inc., 4.63%, 03/15/2029^(b)			100,000			82,493
WR Grace Holdings LLC, 5.63%, 08/15/2029^(b)			130,000			110,058

						735,950

Commercial Services & Supplies-5.08%
ACCO Brands Corp., 4.25%, 03/15/2029^(b)			60,000			51,313
ADT Security Corp. (The), 4.13%, 08/01/2029^(b)			110,000			96,117
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029^(b)			85,000			65,084
APi Group DE, Inc.
4.13%, 07/15/2029^(b)			40,000			34,572
4.75%, 10/15/2029^(b)			30,000			27,214
Clean Harbors, Inc., 5.13%, 07/15/2029^(b)			30,000			28,422
Covanta Holding Corp., 4.88%, 12/01/2029^(b)			80,000			68,878
Deluxe Corp., 8.00%, 06/01/2029^(b)			50,000			42,244
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029^(b)			70,000			59,599
Garda World Security Corp. (Canada), 6.00%, 06/01/2029^(b)			50,000			40,788
GFL Environmental, Inc. (Canada)
4.75%, 06/15/2029^(b)			70,000			63,480
4.38%, 08/15/2029^(b)			50,000			44,271
Madison IAQ LLC, 5.88%, 06/30/2029^(b)			100,000			84,290
Neptune Bidco US, Inc., 9.29%, 04/15/2029^(b)			280,000			261,721
Pitney Bowes, Inc., 7.25%, 03/15/2029^(b)			30,000			21,786
Stericycle, Inc., 3.88%, 01/15/2029^(b)			50,000			43,579

						1,033,358

Communications Equipment-0.16%
Viavi Solutions, Inc., 3.75%, 10/01/2029^(b)			40,000			33,360

Construction & Engineering-0.75%
Arcosa, Inc., 4.38%, 04/15/2029^(b)			40,000			36,015
Dycom Industries, Inc., 4.50%, 04/15/2029^(b)			50,000			44,690

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		179

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023


	Principal Amount			Value
Construction & Engineering-(continued)
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		$	40,000		$	34,307
VM Consolidated, Inc., 5.50%, 04/15/2029^(b)			40,000			36,513

						151,525

Construction Materials-0.24%
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029^(b)			40,000			33,660
Victors Merger Corp., 6.38%, 05/15/2029^(b)			20,000			14,419

						48,079

Consumer Finance-1.47%
Navient Corp., 5.50%, 03/15/2029			80,000			68,480
OneMain Finance Corp.
9.00%, 01/15/2029			50,000			50,735
5.38%, 11/15/2029			70,000			60,550
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029^(b)			30,000			25,457
PRA Group, Inc., 5.00%, 10/01/2029^(b)			40,000			30,207
PROG Holdings, Inc., 6.00%, 11/15/2029^(b)			70,000			62,901

						298,330

Consumer Staples Distribution & Retail-2.02%
Albertson’s Cos., Inc./Safeway, Inc./New
Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029^(b)			150,000			129,891
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029^(b)			40,000			34,523
Performance Food Group, Inc., 4.25%, 08/01/2029^(b)			110,000			96,911
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)			70,000			58,320
US Foods, Inc., 4.75%, 02/15/2029^(b)			100,000			91,362

						411,007

Containers & Packaging-1.90%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029^(b)			100,000			81,370
Ball Corp., 6.00%, 06/15/2029			110,000			108,573
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029^(b)			50,000			47,623
Graphic Packaging International LLC, 3.50%, 03/01/2029^(b)			40,000			34,325
LABL, Inc., 8.25%, 11/01/2029^(b)			50,000			41,929
Sealed Air Corp., 5.00%, 04/15/2029^(b)			40,000			37,155
TriMas Corp., 4.13%, 04/15/2029^(b)			40,000			34,936

						385,911

Distributors-0.12%
Resideo Funding, Inc., 4.00%, 09/01/2029^(b)			30,000			25,116

Diversified Consumer Services-0.71%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)			40,000			34,748
Service Corp. International, 5.13%, 06/01/2029			80,000			75,500
WW International, Inc., 4.50%, 04/15/2029^(b)			50,000			34,670

						144,918


	Principal Amount			Value
Diversified REITs-0.69%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029^(b)		$	78,000		$	67,735
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029^(b)			105,000			71,757

						139,492

Diversified Telecommunication Services-3.37%
Altice France S.A. (France)
5.13%, 07/15/2029^(b)			200,000			141,565
5.50%, 10/15/2029^(b)			200,000			144,644
CommScope, Inc., 4.75%, 09/01/2029^(b)			140,000			104,165
Frontier Communications Holdings LLC
6.75%, 05/01/2029^(b)			112,000			87,042
5.88%, 11/01/2029			70,000			51,907
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029^(b)			90,000			77,443
Level 3 Financing, Inc.
3.63%, 01/15/2029^(b)			60,000			35,796
3.75%, 07/15/2029^(b)			70,000			41,835

						684,397

Electric Utilities-1.46%
DPL, Inc., 4.35%, 04/15/2029			40,000			34,521
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029^(b)			40,000			34,837
NRG Energy, Inc.
3.38%, 02/15/2029^(b)			50,000			41,258
5.25%, 06/15/2029^(b)			70,000			63,072
Vistra Operations Co. LLC, 4.38%, 05/01/2029^(b)			140,000			123,569

						297,257

Electrical Equipment-0.43%
Sensata Technologies B.V., 4.00%, 04/15/2029^(b)			100,000			87,931

Electronic Equipment, Instruments & Components-1.64%
Coherent Corp., 5.00%, 12/15/2029^(b)			110,000			97,811
Imola Merger Corp., 4.75%, 05/15/2029^(b)			216,000			192,212
TTM Technologies, Inc., 4.00%, 03/01/2029^(b)			50,000			43,482

						333,505

Energy Equipment & Services-0.77%
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029			43,000			40,674
Permian Resources Operating LLC, 5.88%, 07/01/2029^(b)			80,000			77,238
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029^(b)			40,000			38,064

						155,976

Entertainment-1.37%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029^(b)			90,000			61,511
Jacobs Entertainment, Inc., 6.75%, 02/15/2029^(b)			50,000			45,358
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029^(b)			97,000			59,204

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		180

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023


	Principal Amount			Value
Entertainment-(continued)
Playtika Holding Corp., 4.25%, 03/15/2029^(b)		$	70,000		$	60,613
WMG Acquisition Corp., 3.75%, 12/01/2029^(b)			60,000			52,075

						278,761

Financial Services-2.14%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/2029^(b)			40,000			35,972
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029^(b).			20,000			13,937
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029^(b)			92,000			84,585
Hightower Holding LLC, 6.75%, 04/15/2029^(b)			30,000			26,195
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(b)			30,000			26,359
PennyMac Financial Services, Inc., 4.25%, 02/15/2029^(b)			70,000			58,011
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029^(b)			70,000			59,654
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029^(b)			70,000			61,668
United Wholesale Mortgage LLC, 5.50%, 04/15/2029^(b)			80,000			69,480

						435,861

Food Products-0.88%
Post Holdings, Inc., 5.50%, 12/15/2029^(b)			130,000			120,374
TKC Holdings, Inc., 10.50%, 05/15/2029^(b)			70,000			58,163

						178,537

Gas Utilities-0.39%
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029^(b)			90,000			79,488

Ground Transportation-1.28%
Carriage Purchaser, Inc., 7.88%, 10/15/2029^(b)			30,000			22,540
Hertz Corp. (The), 5.00%, 12/01/2029^(b)			110,000			90,545
Uber Technologies, Inc., 4.50%, 08/15/2029^(b)			160,000			146,798

						259,883

Health Care Equipment & Supplies-3.72%
Hologic, Inc., 3.25%, 02/15/2029^(b)			100,000			86,950
Medline Borrower L.P.
3.88%, 04/01/2029^(b)			490,000			428,224
5.25%, 10/01/2029^(b)			270,000			240,034

						755,208

Health Care Providers & Services-2.87%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029^(b)			50,000			46,045
AHP Health Partners, Inc., 5.75%, 07/15/2029^(b)			30,000			25,748
Avantor Funding, Inc., 3.88%, 11/01/2029^(b)			90,000			79,012
Community Health Systems, Inc., 6.00%, 01/15/2029^(b)			100,000			83,863
HealthEquity, Inc., 4.50%, 10/01/2029^(b)			70,000			62,162
LifePoint Health, Inc., 5.38%, 01/15/2029^(b)			41,000			28,389
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029^(b)			50,000			36,920
Option Care Health, Inc., 4.38%, 10/31/2029^(b)			50,000			44,035
Owens & Minor, Inc., 4.50%, 03/31/2029^(b)			50,000			42,420
Tenet Healthcare Corp., 4.25%, 06/01/2029			150,000			134,067

						582,661


	Principal Amount			Value
Hotel & Resort REITs-0.68%
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029^(b)		$	70,000		$	61,509
RLJ Lodging Trust L.P., 4.00%, 09/15/2029^(b)			50,000			41,859
XHR L.P., 4.88%, 06/01/2029^(b)			40,000			34,645

						138,013

Hotels, Restaurants & Leisure-6.33%
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029^(b)			80,000			70,115
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029^(b)			30,000			27,240
Boyne USA, Inc., 4.75%, 05/15/2029^(b)			80,000			72,273
Caesars Entertainment, Inc., 4.63%, 10/15/2029^(b)			130,000			113,910
Carnival Corp., 6.00%, 05/01/2029^(b)			220,000			198,831
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029^(b)			30,000			25,845
Cedar Fair L.P., 5.25%, 07/15/2029^(c)			50,000			45,053
Everi Holdings, Inc., 5.00%, 07/15/2029^(b)			40,000			35,730
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029^(b)			110,000			95,257
Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029^(b)			90,000			79,371
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029^(b)			90,000			79,871
Light & Wonder International, Inc., 7.25%, 11/15/2029^(b)			57,000			57,292
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029^(b)			50,000			41,248
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029^(b)			50,000			42,296
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)			80,000			69,672
Papa John’s International, Inc., 3.88%, 09/15/2029^(b)			40,000			33,682
Penn Entertainment, Inc., 4.13%, 07/01/2029^(b)			40,000			32,749
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029^(b)			70,000			55,937
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029^(b)			65,000			58,419
Travel + Leisure Co., 4.50%, 12/01/2029^(b)			60,000			51,695

						1,286,486

Household Durables-1.07%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029^(b)			40,000			33,410
Century Communities, Inc., 3.88%, 08/15/2029^(b)			50,000			43,131
LGI Homes, Inc., 4.00%, 07/15/2029^(b)			30,000			24,836
Meritage Homes Corp., 3.88%, 04/15/2029^(b)			40,000			34,948
Newell Brands, Inc., 6.63%, 09/15/2029			50,000			49,577
SWF Escrow Issuer Corp., 6.50%, 10/01/2029^(b)			50,000			32,537

						218,439

Household Products-0.38%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)			90,000			77,186

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		181

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023


	Principal Amount			Value
Independent Power and Renewable Electricity Producers-0.50%
Calpine Corp., 4.63%, 02/01/2029^(b)		$	70,000		$	60,907
TransAlta Corp. (Canada), 7.75%, 11/15/2029			40,000			41,454

						102,361

Insurance-1.99%
Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029, (Acquired 09/13/2021 - 08/23/2023; Cost $72,675)^(b)(d)			80,000			69,262
6.00%, 08/01/2029^(b)			50,000			43,487
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029^(b)			40,000			35,070
AmWINS Group, Inc., 4.88%, 06/30/2029^(b)			90,000			80,849
AssuredPartners, Inc., 5.63%, 01/15/2029^(b)			60,000			52,194
BroadStreet Partners, Inc., 5.88%, 04/15/2029^(b)			80,000			70,481
HUB International Ltd., 5.63%, 12/01/2029^(b)			60,000			53,125

						404,468

Interactive Media & Services-0.42%
Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)			40,000			37,741
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(b)			60,000			48,236

						85,977

IT Services-1.23%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029^(b)			50,000			41,314
Gartner, Inc., 3.63%, 06/15/2029^(b)			70,000			61,552
Newfold Digital Holdings Group, Inc., 6.00%, 02/15/2029^(b)			60,000			45,551
Twilio, Inc., 3.63%, 03/15/2029			50,000			42,943
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029^(b)			70,000			59,571

						250,931

Leisure Products-0.21%
Vista Outdoor, Inc., 4.50%, 03/15/2029^(b)			50,000			41,718

Life Sciences Tools & Services-0.34%
Syneos Health, Inc., 3.63%, 01/15/2029^(b)			70,000			69,888

Machinery-0.78%
Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)			40,000			35,463
OT Merger Corp., 7.88%, 10/15/2029^(b)			20,000			13,146
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)			50,000			44,796
Terex Corp., 5.00%, 05/15/2029^(b)			70,000			64,335

						157,740

Media-7.90%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029^(b)			200,000			158,612
AMC Networks, Inc., 4.25%, 02/15/2029			90,000			57,450
CCO Holdings LLC/CCO Holdings Capital Corp.
5.38%, 06/01/2029^(b)			162,000			147,594
6.38%, 09/01/2029^(b)			160,000			151,622
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029^(b)			110,000			82,081
CSC Holdings LLC, 6.50%, 02/01/2029^(b)			200,000			165,527
Lamar Media Corp., 4.88%, 01/15/2029			40,000			37,236


	Principal Amount			Value
Media-(continued)
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029^(b)		$	70,000		$	59,073
McGraw-Hill Education, Inc., 8.00%, 08/01/2029^(b)			60,000			53,474
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029^(b)			40,000			32,847
Sirius XM Radio, Inc., 5.50%, 07/01/2029^(b)			140,000			126,191
Stagwell Global LLC, 5.63%, 08/15/2029^(b)			120,000			100,324
TEGNA, Inc., 5.00%, 09/15/2029			120,000			105,748
Univision Communications, Inc., 4.50%, 05/01/2029^(b)			110,000			94,787
Videotron Ltd. (Canada), 3.63%, 06/15/2029^(b)			58,000			49,860
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)			200,000			183,066

						1,605,492

Metals & Mining-1.99%
ATI, Inc., 4.88%, 10/01/2029			30,000			27,113
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)			80,000			79,608
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029^(b)			41,000			36,390
Coeur Mining, Inc., 5.13%, 02/15/2029^(b)(c)			30,000			26,324
Constellium SE, 3.75%, 04/15/2029^(b)			50,000			43,003
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029^(b)			70,000			65,877
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)			50,000			42,593
TMS International Corp., 6.25%, 04/15/2029^(b)			40,000			33,436
United States Steel Corp., 6.88%, 03/01/2029			50,000			49,853

						404,197

Mortgage REITs-0.48%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029^(b)			50,000			39,263
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029^(b)			70,000			58,921

						98,184

Oil, Gas & Consumable Fuels-7.61%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029^(b)			79,000			74,106
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029^(b)			40,000			36,476
Chesapeake Energy Corp.
5.88%, 02/01/2029^(b)			50,000			47,902
6.75%, 04/15/2029^(b)			101,000			100,368
CNX Resources Corp., 6.00%, 01/15/2029^(b)			51,000			48,618
Comstock Resources, Inc., 6.75%, 03/01/2029^(b)			116,000			108,643
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.
6.00%, 02/01/2029^(b)			76,000			74,689
8.00%, 04/01/2029^(b)			52,000			53,781
CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029^(b)			40,000			37,186
DT Midstream, Inc., 4.13%, 06/15/2029^(b)			120,000			106,436
EQM Midstream Partners L.P., 4.50%, 01/15/2029^(b)			90,000			81,861
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029^(b)			70,000			65,002

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		182

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023


	Principal Amount			Value
Oil, Gas & Consumable Fuels-(continued)
ITT Holdings LLC, 6.50%, 08/01/2029^(b)		$	120,000		$	108,413
MEG Energy Corp. (Canada), 5.88%, 02/01/2029^(b)			69,000			65,984
Murphy Oil USA, Inc., 4.75%, 09/15/2029			50,000			45,901
Parkland Corp. (Canada), 4.50%, 10/01/2029^(b)			90,000			79,391
Rockcliff Energy II LLC, 5.50%, 10/15/2029^(b)			80,000			73,828
Southwestern Energy Co., 5.38%, 02/01/2029			76,000			72,183
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029			90,000			81,481
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029^(b)			40,000			37,174
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029^(b)			140,000			121,247
Vital Energy, Inc., 7.75%, 07/31/2029^(b)			30,000			27,029

						1,547,699

Paper & Forest Products-0.41%
Glatfelter Corp., 4.75%, 11/15/2029^(b)			25,000			17,487
Mercer International, Inc. (Germany), 5.13%, 02/01/2029			80,000			65,520

						83,007

Passenger Airlines-0.94%
United Airlines, Inc., 4.63%, 04/15/2029^(b)			215,000			191,452

Personal Care Products-0.44%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029^(b)			50,000			45,858
Edgewell Personal Care Co., 4.13%, 04/01/2029^(b)			50,000			43,377

						89,235

Pharmaceuticals-1.59%
AdaptHealth LLC, 4.63%, 08/01/2029^(b)			50,000			40,909
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029^(b)			60,000			50,549
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029^(b)			70,000			52,439
Jazz Securities DAC, 4.38%, 01/15/2029^(b)			200,000			179,386

						323,283

Professional Services-0.94%
AMN Healthcare, Inc., 4.00%, 04/15/2029^(b)			40,000			34,247
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)			90,000			78,567
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(b)			40,000			35,936
TriNet Group, Inc., 3.50%, 03/01/2029^(b)			50,000			43,099

						191,849

Real Estate Management & Development-1.08%
Howard Hughes Corp. (The), 4.13%, 02/01/2029^(b)			60,000			49,559
Hunt Cos., Inc., 5.25%, 04/15/2029^(b)			70,000			53,539
Kennedy-Wilson, Inc., 4.75%, 03/01/2029			70,000			56,315
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029^(b)			83,000			59,539

						218,952


	Principal Amount			Value
Residential REITs-0.17%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029^(b)		$	40,000		$	34,700

Semiconductors & Semiconductor Equipment-0.34%
Entegris, Inc., 3.63%, 05/01/2029^(b)			40,000			34,416
Synaptics, Inc., 4.00%, 06/15/2029^(b)			40,000			34,064

						68,480

Software-6.22%
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029^(b)			80,000			78,985
Cloud Software Group, Inc.
6.50%, 03/31/2029^(b)			440,000			393,956
9.00%, 09/30/2029^(b)			420,000			375,865
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029			80,000			68,856
Elastic N.V., 4.13%, 07/15/2029^(b)			60,000			51,633
NCR Corp.
5.13%, 04/15/2029^(b)			130,000			118,351
6.13%, 09/01/2029^(b)			50,000			51,544
Open Text Corp. (Canada), 3.88%, 12/01/2029^(b)			90,000			76,413
Rocket Software, Inc., 6.50%, 02/15/2029^(b)			60,000			49,854

						1,265,457

Specialized REITs-1.70%
Iron Mountain, Inc.
7.00%, 02/15/2029^(b)			110,000			109,814
4.88%, 09/15/2029^(b)			110,000			99,509
SBA Communications Corp., 3.13%, 02/01/2029			160,000			137,154

						346,477

Specialty Retail-4.99%
Arko Corp., 5.13%, 11/15/2029^(b)			50,000			41,109
Asbury Automotive Group, Inc., 4.63%, 11/15/2029^(b)			90,000			79,490
At Home Group, Inc., 7.13%, 07/15/2029^(b)			20,000			10,210
Bath & Body Works, Inc., 7.50%, 06/15/2029			57,000			57,520
Foot Locker, Inc., 4.00%, 10/01/2029^(b)			42,000			31,650
Gap, Inc. (The), 3.63%, 10/01/2029^(b)			80,000			60,975
LBM Acquisition LLC, 6.25%, 01/15/2029^(b)			90,000			78,634
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)			110,000			95,586
Lithia Motors, Inc., 3.88%, 06/01/2029^(b)			90,000			77,361
Michaels Cos., Inc. (The), 7.88%, 05/01/2029^(b)			120,000			83,292
Penske Automotive Group, Inc., 3.75%, 06/15/2029			50,000			42,952
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(b)			100,000			95,591
Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)			70,000			59,918
SRS Distribution, Inc.
6.13%, 07/01/2029^(b)			40,000			34,818
6.00%, 12/01/2029^(b)			80,000			68,486
Upbound Group, Inc., 6.38%, 02/15/2029^(b)			50,000			45,470
Victoria’s Secret & Co., 4.63%, 07/15/2029^(b)			70,000			50,745

						1,013,807

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		183

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023


	Principal Amount			Value
Technology Hardware, Storage & Peripherals-0.59%
Seagate HDD Cayman
4.09%, 06/01/2029		$	50,000		$	44,103
3.13%, 07/15/2029			30,000			22,863
8.25%, 12/15/2029^(b)			50,000			52,501

						119,467

Textiles, Apparel & Luxury Goods-0.55%
Crocs, Inc., 4.25%, 03/15/2029^(b)			40,000			33,765
Kontoor Brands, Inc., 4.13%, 11/15/2029^(b)			40,000			34,013
Wolverine World Wide, Inc., 4.00%, 08/15/2029^(b)			60,000			44,995

						112,773

Tobacco-0.34%
Vector Group Ltd., 5.75%, 02/01/2029^(b)			80,000			69,715

Trading Companies & Distributors-0.43%
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029^(b)			40,000			34,439
BlueLinx Holdings, Inc., 6.00%, 11/15/2029^(b)			30,000			26,808
Foundation Building Materials, Inc., 6.00%, 03/01/2029^(b)			30,000			25,415

						86,662

Total U.S. Dollar Denominated Bonds & Notes (Cost $21,118,627)						19,866,769


	Shares		Value
Money Market Funds-0.68%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(e)(f) (Cost $137,190)		137,190		$	137,190

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.40% (Cost $21,255,817)					20,003,959


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.41%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		23,345			23,345
Invesco Private Prime Fund, 5.51%^(e)(f)(g)		60,032			60,032

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $83,383)					83,377

TOTAL INVESTMENTS IN SECURITIES-98.81% (Cost $21,339,200)					20,087,336
OTHER ASSETS LESS LIABILITIES-1.19%					242,197

NET ASSETS-100.00%				$	20,329,533

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $17,401,598, which represented 85.60% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)	Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	25,686		$	1,814,043		$	(1,702,539	)		$	-			$	-			$	137,190		$	5,149

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			54,169			936,743			(967,567	)			-				-				23,345			4,685	*

Invesco Private Prime Fund			139,293			1,885,303			(1,964,533	)			(19	)			(12	)			60,032			12,603	*


Total		$	219,148		$	4,636,089		$	(4,634,639	)		$	(19	)		$	(12	)		$	220,567		$	22,437

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		184

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2023

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		185

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

August 31, 2023

Schedule of Investments^(a)


	Principal
	Amount			Value
U.S. Dollar Denominated Bonds & Notes-97.85%
Air Freight & Logistics-0.85%
Rand Parent LLC, 8.50%, 02/15/2030^(b)		$	110,000		$	104,873

Automobile Components-1.02%
Dana, Inc., 4.25%, 09/01/2030			55,000			45,274
ZF North America Capital, Inc. (Germany), 7.13%, 04/14/2030^(b)			80,000			81,130

						126,404

Automobiles-4.41%
Ford Motor Co., 9.63%, 04/22/2030			60,000			69,450
Ford Motor Credit Co. LLC
7.35%, 03/06/2030			200,000			203,774
7.20%, 06/10/2030			100,000			101,682
4.00%, 11/13/2030			200,000			169,410

						544,316

Building Products-1.98%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030^(b)			70,000			69,020
Masonite International Corp., 3.50%, 02/15/2030^(b)			55,000			46,111
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030^(b)			70,000			59,406
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030^(b)			75,000			70,281

						244,818

Capital Markets-0.39%
NFP Corp., 7.50%, 10/01/2030^(b)			50,000			48,585

Chemicals-1.10%
Avient Corp., 7.13%, 08/01/2030^(b)			95,000			94,995
SNF Group SACA (France), 3.38%, 03/15/2030^(b)			50,000			40,935

						135,930

Commercial Services & Supplies-0.31%
Covanta Holding Corp., 5.00%, 09/01/2030			45,000			38,217

Communications Equipment-0.39%
Ciena Corp., 4.00%, 01/31/2030^(b)			55,000			47,487

Consumer Finance-1.82%
FirstCash, Inc., 5.63%, 01/01/2030^(b)			75,000			68,172
Navient Corp., 9.38%, 07/25/2030			70,000			70,388
OneMain Finance Corp., 4.00%, 09/15/2030			110,000			85,784

						224,344

Consumer Staples Distribution & Retail-0.50%
US Foods, Inc., 4.63%, 06/01/2030^(b)			70,000			62,282

Containers & Packaging-3.48%
Ball Corp., 2.88%, 08/15/2030			170,000			139,224
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030^(b)			150,000			135,798
Crown Americas LLC, 5.25%, 04/01/2030			70,000			66,031
Graphic Packaging International LLC, 3.75%, 02/01/2030^(b)			45,000			38,400
OI European Group B.V., 4.75%, 02/15/2030^(b)			55,000			50,186

						429,639


	Principal
	Amount			Value
Diversified Consumer Services-0.74%
Service Corp. International, 3.38%, 08/15/2030		$	110,000		$	90,904

Diversified REITs-0.48%
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030^(b)			90,000			59,538

Diversified Telecommunication Services-5.95%
Frontier Communications Holdings LLC
6.00%, 01/15/2030^(b)			110,000			81,374
8.75%, 05/15/2030^(b)			165,000			160,531
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030^(b)			403,000			370,523
Level 3 Financing, Inc., 10.50%, 05/15/2030^(b)			120,000			122,003

						734,431

Electric Utilities-2.29%
PG&E Corp., 5.25%, 07/01/2030			130,000			115,615
Talen Energy Supply LLC, 8.63%, 06/01/2030^(b)			160,000			166,763

						282,378

Electrical Equipment-0.54%
Sensata Technologies B.V., 5.88%, 09/01/2030^(b)			70,000			66,296

Electronic Equipment, Instruments & Components-2.40%
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030^(b)			300,000			295,701

Energy Equipment & Services-3.68%
Noble Finance II LLC, 8.00%, 04/15/2030^(b)			80,000			82,802
Transocean, Inc., 8.75%, 02/15/2030^(b)			152,000			155,642
Weatherford International Ltd., 8.63%, 04/30/2030^(b)			210,000			215,285

						453,729

Entertainment-1.36%
Roblox Corp., 3.88%, 05/01/2030^(b)			130,000			107,368
WMG Acquisition Corp., 3.88%, 07/15/2030^(b)			70,000			60,809

						168,177

Financial Services-2.34%
Burford Capital Global Finance LLC, 6.88%, 04/15/2030^(b)			50,000			45,913
Midcap Financial Issuer Trust, 5.63%, 01/15/2030^(b)			50,000			40,301
Mobius Merger Sub, Inc., 9.00%, 06/01/2030^(b)			50,000			45,636
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030^(b)			70,000			59,386
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(b)			110,000			97,065

						288,301

Food Products-1.96%
Darling Ingredients, Inc., 6.00%, 06/15/2030^(b)			130,000			127,186
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030^(b)			130,000			114,447

						241,633

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		186

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2023


	Principal Amount			Value
Health Care Equipment & Supplies-0.62%
Embecta Corp.
5.00%, 02/15/2030^(b)		$	67,000		$	54,501
6.75%, 02/15/2030^(b)			25,000			22,087

						76,588

Health Care Providers & Services-8.19%
Community Health Systems, Inc.
6.13%, 04/01/2030^(b)			160,000			92,221
5.25%, 05/15/2030^(b)			210,000			165,801
DaVita, Inc., 4.63%, 06/01/2030^(b)			365,000			313,408
IQVIA, Inc., 6.50%, 05/15/2030^(b)			70,000			70,462
Molina Healthcare, Inc., 3.88%, 11/15/2030^(b)			90,000			76,875
Owens & Minor, Inc., 6.63%, 04/01/2030^(b)			80,000			72,852
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030^(b)			55,000			50,210
Tenet Healthcare Corp., 4.38%, 01/15/2030			190,000			168,971

						1,010,800

Health Care Technology-2.18%
athenahealth Group, Inc., 6.50%, 02/15/2030^(b)			310,000			269,514

Hotels, Restaurants & Leisure-8.41%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)			390,000			330,740
Caesars Entertainment, Inc., 7.00%, 02/15/2030^(b)			270,000			271,298
Carnival Corp., 10.50%, 06/01/2030^(b)			137,000			146,046
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030^(b)			165,000			153,600
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030^(b)			165,000			136,401

						1,038,085

Household Durables-1.81%
KB Home, 7.25%, 07/15/2030			50,000			50,182
M/I Homes, Inc., 3.95%, 02/15/2030			40,000			34,232
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030^(b)			85,000			75,213
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030^(b)			70,000			64,268

						223,895

Household Products-0.79%
Central Garden & Pet Co., 4.13%, 10/15/2030			70,000			60,311
Spectrum Brands, Inc., 5.50%, 07/15/2030^(b)			40,000			37,244

						97,555

Insurance-1.56%
Jones Deslauriers Insurance Management, Inc. (Canada)
8.50%, 03/15/2030^(b)			100,000			102,174
10.50%, 12/15/2030^(b)			40,000			40,772
Ryan Specialty LLC, 4.38%, 02/01/2030^(b)			55,000			49,227

						192,173

Interactive Media & Services-0.93%
Ziff Davis, Inc., 4.63%, 10/15/2030^(b)			60,000			51,662
ZipRecruiter, Inc., 5.00%, 01/15/2030^(b)			75,000			63,000

						114,662

IT Services-0.77%
Gartner, Inc., 3.75%, 10/01/2030^(b)			110,000			95,099


	Principal Amount			Value
Machinery-2.16%
Chart Industries, Inc., 7.50%, 01/01/2030^(b)		$	200,000		$	205,179
SPX FLOW, Inc., 8.75%, 04/01/2030^(b)			65,000			61,870

						267,049

Media-6.11%
Cable One, Inc., 4.00%, 11/15/2030^(b)			70,000			54,664
Gray Television, Inc., 4.75%, 10/15/2030^(b)			110,000			76,916
Lamar Media Corp., 4.00%, 02/15/2030			75,000			65,693
Sinclair Television Group, Inc., 4.13%, 12/01/2030^(b)			105,000			67,772
Sirius XM Radio, Inc., 4.13%, 07/01/2030^(b)			200,000			163,262
Univision Communications, Inc., 7.38%, 06/30/2030^(b)			120,000			116,249
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030^(b)			50,000			40,487
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030^(b)			200,000			169,053

						754,096

Metals & Mining-2.06%
Carpenter Technology Corp., 7.63%, 03/15/2030			40,000			40,536
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030^(b)			100,000			95,457
Commercial Metals Co., 4.13%, 01/15/2030			40,000			35,437
Vibrantz Technologies, Inc., 9.00%, 02/15/2030^(b)			100,000			82,581

						254,011

Oil, Gas & Consumable Fuels-12.70%
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030^(b)			110,000			111,637
Callon Petroleum Co., 7.50%, 06/15/2030^(b)			85,000			84,103
CNX Midstream Partners L.P., 4.75%, 04/15/2030^(b)			35,000			30,242
Comstock Resources, Inc., 5.88%, 01/15/2030^(b)			130,000			114,942
EQM Midstream Partners L.P., 7.50%, 06/01/2030^(b)			70,000			71,859
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030			70,000			69,788
Hess Midstream Operations L.P.
4.25%, 02/15/2030^(b)			100,000			88,017
5.50%, 10/15/2030^(b)			50,000			46,859
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030^(b)			70,000			65,182
Kinetik Holdings L.P., 5.88%, 06/15/2030^(b)			130,000			126,051
NuStar Logistics L.P., 6.38%, 10/01/2030			85,000			81,894
Parkland Corp. (Canada), 4.63%, 05/01/2030^(b)			110,000			97,093
Range Resources Corp., 4.75%, 02/15/2030^(b)			70,000			63,279
Southwestern Energy Co., 5.38%, 03/15/2030			165,000			154,640
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030			110,000			98,183
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030^(b)			95,000			85,096
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030^(b)			130,000			126,786
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030^(b)			55,000			52,126

						1,567,777

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		187

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2023


	Principal Amount			Value
Personal Care Products-0.93%
BellRing Brands, Inc., 7.00%, 03/15/2030^(b)		$	115,000		$	115,155

Pharmaceuticals-1.70%
AdaptHealth LLC, 5.13%, 03/01/2030^(b)			85,000			69,801
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030^(b)			60,000			50,695
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030			100,000			88,720

						209,216

Real Estate Management & Development-1.17%
Kennedy-Wilson, Inc., 4.75%, 02/01/2030			70,000			54,000
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030^(b)			130,000			90,378

						144,378

Residential REITs-0.38%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030^(b)			55,000			47,425

Semiconductors & Semiconductor Equipment-0.89%
Entegris Escrow Corp., 5.95%, 06/15/2030^(b)			115,000			110,247

Software-3.44%
Capstone Borrower, Inc., 8.00%, 06/15/2030^(b)			50,000			49,288
Gen Digital, Inc., 7.13%, 09/30/2030^(b)			80,000			80,628
McAfee Corp., 7.38%, 02/15/2030^(b)			275,000			240,849
NCR Corp., 5.25%, 10/01/2030^(b)			60,000			53,901

						424,666


	Principal Amount			Value
Specialized REITs-1.24%
Iron Mountain, Inc., 5.25%, 07/15/2030^(b)		$	170,000		$	153,559

Specialty Retail-1.42%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030			55,000			48,377
Bath & Body Works, Inc., 6.63%, 10/01/2030^(b).			130,000			126,909

						175,286

Trading Companies & Distributors-0.40%
Boise Cascade Co., 4.88%, 07/01/2030^(b)			55,000			49,606

Total U.S. Dollar Denominated Bonds & Notes (Cost $12,063,042)						12,078,825

			Shares
Money Market Funds-0.45%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(c)(d) (Cost $56,115)			56,115			56,115

TOTAL INVESTMENTS IN SECURITIES-98.30% (Cost $12,119,157)						12,134,940
OTHER ASSETS LESS LIABILITIES-1.70%						209,539

NET ASSETS-100.00%					$	12,344,479

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $9,832,108, which represented 79.65% of the Fund’s Net Assets.

^(c)


	Value			Purchases			Proceeds				Change in Unrealized			Realized			Value			Dividend
	August 31, 2022			at Cost			from Sales				Appreciation			Gain			August 31, 2023			Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,352,503		$	(1,296,388	)		$	-		$	-		$	56,115		$	2,953

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			125,507			(125,507	)			-			-			-			47

Invesco Private Prime Fund			-			45,869			(45,869	)			-			-			-			66


Total		$	-		$	1,523,879		$	(1,467,764	)		$	-		$	-		$	56,115		$	3,066

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		188

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-93.79%
Alabama-0.20%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2023	$	100	$	100,000
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)^(b)		5.50%		10/01/2053		185		187,371

								287,371

Alaska-2.70%
Alaska Housing Finance Corp., Series 2001 A, VRD RB^(c)		4.05%		12/01/2030		3,800		3,800,000

Arizona-0.14%
Arizona (State of), Series 2016, COP^(a)		5.00%		10/01/2023		190		190,229

California-14.33%
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare), Series 2014 A, RB		5.00%		08/01/2043		500		500,124
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.25%		12/01/2025		65		65,326
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.00%		12/01/2032		50		50,177
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.00%		12/01/2033		200		200,564
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 C, Ref. VRD RB, (LOC - Bank of America, N.A.)^(c)(d)		2.35%		04/01/2053		6,000		6,000,000
California (State of), Series 2013, GO Bonds		5.25%		09/01/2029		1,000		1,001,959
California (State of), Series 2013, GO Bonds		5.00%		11/01/2029		1,000		1,002,486
California (State of), Series 2013, GO Bonds		5.00%		11/01/2030		500		501,227
California (State of), Series 2013, GO Bonds		5.00%		11/01/2043		105		105,221
California (State of), Series 2013, Ref. GO Bonds		5.00%		11/01/2027		90		90,262
California (State of), Series 2013, Ref. GO Bonds		5.00%		09/01/2033		55		55,096
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2023		80		80,112
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2025		100		100,360
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2027		150		150,587
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2030		50		50,190
California (State of), Series 2016, GO Bonds		5.00%		09/01/2023		105		105,000
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2023		125		125,000
California (State of), Series 2017, GO Bonds		4.00%		11/01/2023		195		195,294
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2023		110		110,334
California (State of) (Bid Group A), Series 2018, GO Bonds		5.00%		10/01/2023		1,000		1,001,390
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2023		245		246,071
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2023		25		25,109
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2023		500		502,186
California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB^(a)(e)		5.00%		10/01/2023		35		35,042
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB		4.00%		03/01/2033		500		478,764
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2023		445		446,448
California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB		5.00%		07/01/2026		40		40,045
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2023		170		170,567
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB^(a)(e)		5.00%		11/01/2023		550		551,289
California (State of) Public Works Board (Various California State University), Series 2013 H, RB^(a)(e)		5.00%		09/01/2023		100		100,000
California (State of) Public Works Board (Various Capital), Series 2013 I, RB		5.25%		11/01/2027		65		65,166
California (State of) Public Works Board (Various Capital), Series 2013 I, RB		5.00%		11/01/2038		190		190,329
California State University, Series 2013 A, RB^(a)(e)		5.00%		11/01/2023		60		60,162
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2023		105		105,309
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB^(c)		2.80%		07/01/2034		5,000		5,000,000
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2023		30		30,082
Sacramento (City of), CA, Series 2013, RB^(a)(e)		5.00%		09/01/2023		305		305,000
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2023		80		80,105
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2023		45		45,126

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		189

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Sanger Unified School District (Capital), Series 2022, Ref. COP, (INS - AGM)^(b)		5.00%		06/01/2052	$	100	$	100,010
Tehachapi Valley Healthcare District (Elecion of 2009), Series 2013, GO Bonds^(a)(e)		5.00%		11/01/2023		100		100,246

								20,167,765

Colorado-3.79%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2022, Ref. GO Bonds		5.00%		12/01/2023		25		25,081
Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds		4.00%		12/15/2023		185		185,092
Arapahoe County School District No. 6 Littleton, Series 2013, GO Bonds		4.50%		12/01/2037		110		110,169
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2023		575		577,095
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP		5.00%		06/01/2025		35		35,055
Colorado Springs (City of), CO, Series 2007 A, VRD RB^(c)		4.03%		11/01/2037		4,030		4,030,000
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB		5.00%		11/15/2023		25		25,075
Denver (City & County of), CO, Series 2013 B, RB		5.25%		11/15/2032		5		5,015
Denver (City & County of), CO (Governmental), Series 2020 A-2, Ref. RB		5.00%		11/15/2023		290		290,938
Denver City & County School District No. 1, Series 2005 A, Ref. GO Bonds, (INS - NATL)^(b)		5.50%		12/01/2023		50		50,260

								5,333,780

Connecticut-1.54%
Connecticut (State of), Series 2013 A, GO Bonds^(a)(e)		5.00%		10/15/2023		100		100,175
Connecticut (State of), Series 2014 E, GO Bonds		5.00%		09/01/2023		25		25,000
Connecticut (State of), Series 2014 H, Ref. GO Bonds		5.00%		11/15/2023		1,000		1,003,274
Connecticut (State of), Series 2018 F, Ref. GO Bonds		5.00%		09/15/2023		25		25,012
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2023		500		500,231
Connecticut (State of) (Transportation Infrastructure), Series 2013 A, RB		5.00%		10/01/2026		500		500,534
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB		5.00%		09/01/2023		20		20,000

								2,174,226

District of Columbia-0.19%
District of Columbia (Association of American Medical Colleges), Series 2011 A, RB^(a)(e)		4.00%		10/01/2023		105		105,052
District of Columbia Water & Sewer Authority, Series 1998, RB, (INS - AGM)^(b)		5.50%		10/01/2023		15		15,023
District of Columbia Water & Sewer Authority, Series 2013 A, RB^(a)(e)		5.00%		10/01/2023		140		140,169

								260,244

Florida-1.53%
Deltona (City of), FL, Series 2013, Ref. RB^(a)(e)		5.13%		10/01/2023		500		500,611
Florida (State of) Department of Management Services, Series 2017 A, Ref. RB		5.00%		09/01/2023		70		70,000
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP		5.00%		11/01/2023		100		100,239
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2013 A, Ref. RB^(a)(e)		4.00%		10/01/2023		585		585,204
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2023		500		500,573
Miami-Dade (County of), FL, Series 2013 A, RB^(a)(e)		5.50%		10/01/2023		270		270,402
Miami-Dade (County of), FL, Series 2013 B, Ref. RB^(a)(e)		4.13%		10/01/2023		45		45,026
Miami-Dade (County of), FL, Series 2013 B, Ref. RB^(a)(e)		5.00%		10/01/2023		45		45,054
Orange (County of), FL Convention Center, Series 2010, Ref. RB		5.00%		10/01/2023		30		30,024

								2,147,133

Georgia-0.41%
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2023		65		65,163
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2023		35		35,000
Private Colleges & Universities Authority (Emory University), Series 2013 A, RB		5.00%		10/01/2043		485		475,031

								575,194

Hawaii-0.28%
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2023		400		400,459

Illinois-3.36%
Chicago (City of), IL (O’Hare International Airport), Series 2013, RB^(a)(e)		5.75%		09/28/2023		3,750		3,754,906
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2023		50		50,172
Chicago (City of), IL Midway International Airport, Series 2013 B, Ref. RB		5.00%		01/01/2025		35		35,039
Cook (County of), IL, Series 2016 A, Ref. GO Bonds.		5.00%		11/15/2023		20		20,050
Cook County Community College District No. 508 (City Colleges of Chicago), Series 2013, GO Bonds		5.25%		12/01/2043		135		135,002

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		190

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of), Series 2013, RB		5.00%		06/15/2025	$	145	$	145,121
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2023		175		175,306
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2023		125		125,144
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2029		25		25,028
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2034		200		200,215
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2038		15		15,008
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds		4.00%		12/01/2023		55		55,044

								4,736,035

Indiana-0.11%
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019, Ref. RB		5.00%		12/01/2023		150		150,446

Kansas-0.14%
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2023		200		200,095

Kentucky-0.58%
Kentucky (Commonwealth of) Asset Liability Commission, Series 2013 A, RN		5.25%		09/01/2023		180		180,000
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RN		5.00%		09/01/2023		70		70,000
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN		5.00%		11/01/2023		570		571,219

								821,219

Maryland-0.36%
Maryland (State of) Department of Transportation, Series 2016, RB		5.00%		11/01/2023		35		35,089
Maryland (State of) Department of Transportation, Series 2016, Ref. RB		4.00%		09/01/2023		80		80,000
Maryland (State of) Department of Transportation (Third Issue), Series 2015, RB		5.00%		12/15/2023		140		140,639
Montgomery (County of), MD, Series 2015 B, GO Bonds		5.00%		12/01/2023		110		110,430
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2023		145		145,356

								511,514

Massachusetts-2.22%
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2023		30		30,036
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2029		50		50,056
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2032		100		100,106
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds		3.00%		12/01/2023		2,000		1,998,716
Massachusetts (Commonwealth of) Development Finance Agency (Olin College), Series 2013 E, RB^(a)(e)		5.00%		11/01/2023		200		200,412
Massachusetts (Commonwealth of) Development Finance Agency (Olin College), Series 2013 E, RB^(a)(e)		5.00%		11/01/2023		50		50,103
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 1997 P-1, VRD RB^(c)		3.35%		07/01/2027		700		700,000

								3,129,429

Michigan-0.15%
Michigan (State of) (Environmental Program), Series 2016 A, GO Bonds		5.00%		12/01/2023		40		40,161
Michigan (State of) Building Authority (Facilities Program), Series 2013 1-A, Ref. RB^(a)(e)		5.00%		10/15/2023		50		50,076
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2023		35		35,128
Western Michigan University, Series 2013, Ref. RB^(a)(e)		5.00%		11/15/2023		65		65,213
Western Michigan University, Series 2013, Ref. RB^(a)(e)		5.25%		11/15/2023		25		25,094

								215,672

Minnesota-0.03%
Minnesota (State of), Series 2013 F, Ref. GO Bonds		5.00%		10/01/2023		40		40,049

Mississippi-0.71%
Mississippi (State of), Series 2013 B, GO Bonds^(a)(e)		5.00%		12/01/2023		1,000		1,004,035

Missouri-0.23%
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2023		35		35,103
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2023		65		65,079
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2013 A, RB		5.00%		11/15/2048		225		224,669

								324,851

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		191

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Nevada-3.57%
Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)^(c)(d)		3.47%		07/01/2040	$	5,000	$	5,000,000
Nevada (State of), Series 2014, RB		5.00%		12/01/2023		25		25,106

								5,025,106

New Jersey-0.63%
Essex (County of), NJ Improvement Authority, Series 2017, Ref. RB		2.00%		12/15/2023		35		34,795
New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)^(b)		5.25%		12/15/2023		55		55,238
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB		5.50%		12/15/2023		150		150,751
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00%		12/15/2023		315		316,148
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.25%		12/15/2023		325		326,406

								883,338

New York-14.58%
Battery Park (City of), NY Authority, Series 2013 A, RB^(a)(e)		5.00%		11/01/2023		400		400,982
Battery Park (City of), NY Authority, Series 2013 A, RB^(a)(e)		5.00%		11/01/2023		85		85,209
Battery Park (City of), NY Authority, Series 2019 D-2, Ref. VRD RB^(c)		4.00%		11/01/2038		2,000		2,000,000
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2013 A, RB		5.00%		05/01/2027		60		60,061
Metropolitan Transportation Authority, Series 2013 E, RB^(a)(e)		5.00%		11/15/2023		150		150,491
Metropolitan Transportation Authority, Series 2013 E, RB		5.00%		11/15/2033		500		500,553
Metropolitan Transportation Authority, Series 2013 E, RB		5.00%		11/15/2038		265		264,971
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2023		100		100,265
Metropolitan Transportation Authority, Subseries 2005 D-2, VRD RB, (LOC - Bank of Montreal)^(c)(d)		2.95%		11/01/2035		4,000		4,000,000
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2023		155		155,410
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00%		11/15/2023		1,000		1,002,634
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2023		40		40,048
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2025		215		215,790
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2030		50		50,186
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		06/01/2033		10		10,036
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2034		500		501,716
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2023		100		100,168
New York (City of), NY Municipal Water Finance Authority, Series 2013 AA-1, VRD RB^(c)		2.95%		06/15/2050		1,700		1,700,000
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-2, Ref. RB		5.00%		06/15/2025		330		331,645
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB		5.00%		06/15/2025		100		100,499
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD, RB		5.00%		06/15/2025		100		100,499
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB		4.25%		11/01/2033		75		75,112
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB		5.00%		11/01/2042		200		200,336
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2023		275		275,619
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2023		1,435		1,438,228
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-4, VRD RB^(c)		2.95%		08/01/2039		1,200		1,200,000
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2023		150		150,337
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		4.00%		10/01/2023		25		25,011
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00%		10/01/2023		235		235,285
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2023		160		160,194
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2028		100		100,370
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2029		550		552,004
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2030		1,690		1,696,063
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2031		165		165,583
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2033		30		30,103
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2041		360		360,780
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2025		100		100,387
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2029		850		852,172
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2031		40		40,065
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2033		500		500,735
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		4.00%		10/15/2023		125		125,089
Suffolk (County of), NY Water Authority, Series 2012 A, RB		3.75%		06/01/2036		250		250,003

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		192

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Suffolk (County of), NY Water Authority, Series 2013, Ref. RB		3.00%		06/01/2028	$	10	$	10,000
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2023		105		105,117

								20,519,756

North Carolina-7.90%
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB^(c)		3.45%		11/01/2034		10,000		10,000,000
North Carolina (State of) Medical Care Commission (United Methodist Retirement), Series 2017 A, Ref. RB^(a)(e)		5.00%		10/01/2023		1,000		1,031,060
North Carolina State University at Raleigh, Series 2013 A, RB^(a)(e)		5.00%		10/01/2023		90		90,105

								11,121,165

Ohio-8.69%
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(b)		5.25%		12/01/2023		10		10,043
Cleveland (City of), OH, Series 2015, RB^(a)(e)		5.00%		10/01/2023		15		15,018
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2023		10		10,036
Montgomery (County of), OH (Catholic Health Initiatives), Series 2009, RB^(a)(e)		5.25%		11/13/2023		350		351,108
Northwest Local School District, Series 2015, GO Bonds		4.00%		12/01/2050		500		451,462
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2023		25		25,000
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2023		185		185,000
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2023		900		900,398
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2023		50		50,225
Ohio (State of) (Garvee), Series 2018-1, RB		5.00%		12/15/2023		115		115,519
Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2016, Ref. RB^(a)		5.00%		12/01/2023		100		100,391
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2015 A, RB		5.00%		12/01/2023		20		20,075
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB^(c)		3.28%		12/01/2036		10,000		10,000,000

								12,234,275

Oregon-0.07%
Oregon (State of) Department of Transportation, Series 2013 A, RB^(a)(e)		5.00%		11/15/2023		75		75,246
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2023		20		20,065

								95,311

Pennsylvania-4.03%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2008 A, Ref. VRD RB^(c)		3.10%		12/01/2037		5,000		5,000,000
Lehigh (County of), PA Authority, Series 2013 A, RB		5.00%		12/01/2043		195		195,327
Lehigh (County of), PA Authority, Series 2013 A, RB		5.13%		12/01/2047		120		120,211
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2013 A, Ref. RB^(a)(e)		5.00%		11/01/2023		60		60,147
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2023		235		235,105
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2023		30		30,054
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2027		25		25,047

								5,665,891

South Carolina-1.59%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB^(a)(e)		4.00%		12/01/2023		525		525,884
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB^(a)(e)		5.00%		12/01/2023		45		45,182
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB^(a)(e)		5.00%		12/01/2023		825		828,329
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB		5.00%		12/01/2048		680		680,042
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB		5.50%		12/01/2053		20		20,009
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 A, RB		5.00%		12/01/2038		100		100,058

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		193

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-(continued)
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 S, Ref. RB		5.13%		12/01/2043	$	30	$	30,002
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2023		15		15,014

								2,244,520

Tennessee-0.05%
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds		5.00%		11/01/2023		50		50,127
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2023		15		15,038

								65,165

Texas-5.80%
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 D, Ref. RB^(a)(e)		5.00%		11/01/2023		35		35,083
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 F, Ref. RB^(a)(e)		5.25%		11/01/2023		270		270,745
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2023		65		65,139
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2023		145		145,159
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation		5.00%		08/15/2043		435		412,098
Harris (County of), TX Flood Control District, Series 2019 A, Ref. RB		5.00%		10/01/2023		1,000		1,001,183
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB^(a)(e)		5.00%		12/01/2023		100		100,391
Houston (City of), TX, Series 2012 B, Ref. RB, (SIFMA Municipal Swap Index + 0.01%)^(e)(f)		4.08%		09/13/2023		4,000		4,000,000
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2013, RB^(a)(e)		5.50%		09/01/2023		1,000		1,000,000
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2013, RB^(a)(e)		5.00%		10/01/2023		1,000		1,001,095
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2023		135		135,163

								8,166,056

Virginia-1.21%
Chesapeake Bay Bridge & Tunnel District, Series 2019, RAN		5.00%		11/01/2023		100		100,168
Henry (County of), VA Industrial Development Authority, Series 2019, RAC		2.00%		11/01/2023		1,600		1,600,000

								1,700,168

Washington-7.27%
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB^(c)		4.05%		07/01/2032		10,000		10,000,000
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2023		40		40,159
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB		5.00%		09/01/2023		200		200,000

								10,240,159

West Virginia-0.10%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2023		145		145,000

Wisconsin-1.75%
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2023		1,285		1,288,175
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2013 A, RB^(a)(e)		4.50%		11/15/2023		75		75,130
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2013, RB		4.00%		08/15/2038		105		101,382
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.), Series 2018 A, RB^(a)(e)		5.00%		09/15/2023		1,000		1,000,405

								2,465,092

Wyoming-3.55%
Wyoming (State of) Community Development Authority, Series 2023-2, Ref. VRD RB, (CEP - GNMA)^(c)		4.01%		12/01/2050		5,000		5,000,000

TOTAL INVESTMENTS IN SECURITIES^(g)-93.79% (Cost $132,253,895)								132,040,748
OTHER ASSETS LESS LIABILITIES-6.21%								8,737,125

NET ASSETS-100.00%							$	140,777,873

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		194

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)

August 31, 2023


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GNMA		-Government National Mortgage Association
GO		-General Obligation
INS		-Insurer
LOC		-Letter of Credit
NATL		-National Public Finance Guarantee Corp.
RAC		-Revenue Anticipation Certificates
RAN		-Revenue Anticipation Notes
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes
SIFMA		-Securities Industry and Financial Markets Association
VRD		-Variable Rate Demand
Wts.		-Warrants

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Principal and/or interest payments are secured by the bond insurance company listed.

^(c)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.

^(d)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(e)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(g)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		195

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.36%
Alabama-1.05%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB^(a)(b)		3.00%		09/01/2024	$	400	$	398,570
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2024		450		457,424
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB^(a)		5.00%		09/01/2024		900		914,848
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2024		45		45,239
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2026		100		101,233
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2027		30		30,388
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts		5.00%		04/01/2024		100		100,868

								2,048,570

Alaska-0.52%
North Slope (Borough of), AK, Series 2020 A, GO Bonds.		5.00%		06/30/2024		1,000		1,012,558

Arizona-1.91%
Arizona (State of) Department of Transportation, Series 2015, Ref. RB		5.00%		07/01/2032		255		257,758
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2029		500		506,987
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2018, RB		5.00%		07/01/2024		1,000		1,014,230
Chandler (City of), AZ, Series 2014, Ref. GO Bonds		5.00%		07/01/2024		150		152,171
Chandler (City of), AZ, Series 2014, Ref. GO Bonds^(a)		5.00%		07/01/2024		1,000		1,013,659
Mesa (City of), AZ, Series 2014, Ref. RB		3.25%		07/01/2029		145		143,595
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2026		500		506,300
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2027		40		40,491
Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB		5.00%		07/01/2024		100		101,407

								3,736,598

Arkansas-0.31%
Little Rock (City of), AR, Series 2014, RB		4.00%		07/01/2041		100		94,283
Pulaski (County of), AR Public Facilities Board, Series 2014, RB^(a)(b)		5.00%		12/01/2024		500		509,767

								604,050

California-19.06%
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB^(a)(b)		5.00%		05/01/2024		175		177,225
Anaheim Union High School District, Series 2015, GO Bonds		4.00%		08/01/2040		60		59,184
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 F, Ref. RB^(a)(b)		5.00%		04/01/2024		50		50,533
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB^(a)(b)		5.00%		10/01/2024		50		51,033
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB		5.00%		04/01/2024		500		505,475
California (State of), Series 2014, GO Bonds		5.00%		05/01/2024		560		567,268
California (State of), Series 2014, GO Bonds		5.00%		10/01/2024		100		102,131
California (State of), Series 2014, GO Bonds		5.00%		12/01/2024		225		226,072
California (State of), Series 2014, GO Bonds		5.00%		05/01/2032		1,000		1,011,999
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		1,595		1,615,981
California (State of), Series 2014, GO Bonds		5.00%		05/01/2044		100		100,771
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2024		500		502,383
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2026		350		356,803
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2031		85		86,630
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2033		1,260		1,283,765
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2034		15		15,273
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2024		125		127,454
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2024		280		282,721
California (State of), Series 2016, GO Bonds		5.00%		09/01/2024		75		76,473
California (State of), Series 2016, GO Bonds		5.00%		09/01/2024		580		591,387
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2024		85		86,525
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2024		40		40,892
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2024		100		102,077
California (State of), Series 2019, GO Bonds		4.00%		10/01/2024		125		126,354

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		196

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2019, GO Bonds		5.00%		10/01/2033	$	125	$	126,305
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		35		35,397
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		1,760		1,779,972
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2033		735		742,713
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2036		500		504,508
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2037		500		504,139
California (State of), Series 2020, GO Bonds		5.00%		11/01/2024		900		920,688
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2024		25		25,243
California (State of), Series 2021, GO Bonds		5.00%		10/01/2024		610		622,997
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2024		135		138,282
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2024		545		555,700
California (State of) (Bid Group B), Series 2016, Ref. GO Bonds		5.00%		08/01/2024		280		285,023
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2028		1,100		1,120,163
California (State of) Department of Water Resources (Central Valley), Series 2014 A, RB^(a)(b)		5.00%		12/01/2024		195		199,765
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB^(a)(b)		5.00%		12/01/2024		100		102,444
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2024		35		35,782
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB^(a)(b)		5.00%		12/01/2024		2,000		2,048,875
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		40		40,928
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2024		120		122,456
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB		5.00%		10/01/2038		25		25,228
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2024		85		86,780
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2024		100		101,992
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		70		71,083
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2024		75		76,502
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB		5.00%		12/01/2024		250		255,802
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2026		100		101,767
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2031		1,000		1,016,792
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2033		100		101,572
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2034		115		116,774
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		4.50%		09/01/2035		100		100,677
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2039		100		101,425
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB^(a)(b)		5.00%		11/15/2024		340		347,992
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB^(a)(b)		5.00%		11/01/2024		1,000		1,020,466
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2014 B, Ref. RB^(a)(b)		4.00%		07/01/2024		100		100,806
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		250		255,403
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		30		30,648
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		60		61,297
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2024		50		51,109
Contra Costa (County of), CA Transportation Authority, Series 2015 A, Ref. RB		5.00%		03/01/2024		25		25,228
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB		5.00%		10/01/2026		180		183,585
East Bay Municipal Utility District, Series 2014 B, Ref. RB		5.00%		06/01/2024		375		380,179
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		50		50,525
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		1,040		1,050,924
Fremont Union High School District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		135		137,276
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(c)		5.00%		09/01/2044		100		100,386
Kern Community College District, Series 2022 D, GO Bonds		5.00%		08/01/2024		15		15,254
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2039		165		166,744
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		235		237,198
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2033		600		608,293
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2039		125		126,281
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		200		201,806
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2024		5		5,070

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		197

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2024	$	40	$	40,625
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		200		202,908
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		4.00%		08/01/2024		25		25,222
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		20		20,357
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		50		50,888
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		40		40,710
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		125		127,220
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		190		193,375
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		225		228,996
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		200		203,552
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		5		5,089
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2026		90		91,310
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2028		100		101,390
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2029		10		10,130
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2030		250		253,374
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2024		25		25,395
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2026		450		456,550
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2024		200		203,156
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2024		450		457,820
Metropolitan Water District of Southern California, Series 2017 A, Ref. RB		2.25%		07/01/2024		1,000		987,807
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB		5.00%		08/01/2024		150		152,358
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2024		175		177,805
Natomas Unified School District (Election of 2014), Series 2015, GO Bonds		4.00%		08/01/2040		100		98,043
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB		5.00%		02/01/2030		1,500		1,525,477
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB		5.00%		02/01/2035		1,000		1,015,368
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB^(a)		4.00%		10/15/2024		500		504,950
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB^(a)		5.00%		10/15/2024		500		510,367
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2024		15		15,206
San Bernardino (County of), CA (Captial Facilities), Series 1992 B, COP^(a)		6.88%		08/01/2024		180		185,713
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		5.00%		11/15/2024		180		180,604
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2024		10		10,158
San Diego (County of), CA Regional Transportation Commission, Series 2014 A, RB^(a)(b)		5.00%		04/01/2024		50		50,576
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2024		250		253,944
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB		5.00%		05/01/2024		25		25,326
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2024		30		30,638
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2024		35		35,530
San Francisco Unified School District, Series 2015 F, GO Bonds		3.50%		06/15/2035		60		58,713
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds^(a)(b)		5.00%		08/01/2024		20		20,337
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2024		190		193,357
San Marcos Unified School District (Election of 2010), Series 2014 C, GO Bonds^(a)(b)		5.00%		02/15/2024		25		25,207
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2024		500		505,674
Silicon Valley Clean Water, Series 2019 A, RN		3.00%		03/01/2024		495		494,264
Silicon Valley Clean Water (WIFIA Rescue), Series 2021 A, RN		0.25%		03/01/2024		90		87,507
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2032		10		10,144
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2037		200		201,952
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB		5.00%		04/01/2024		255		256,555
Southern California Public Power Authority (Windy Point/Windy Flast), Series 2020, Ref. RB		5.00%		07/01/2030		390		392,274
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2024		55		55,323
Twin Rivers Unified School District, Series 2014 A, GO Bonds^(a)(b)		5.00%		02/01/2024		5		5,033
University of California, Series 2014 AM, RB		5.00%		05/15/2027		35		35,459
University of California, Series 2014 AM, RB		5.25%		05/15/2044		195		197,110
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds		5.00%		08/01/2043		250		252,008
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds		5.00%		08/01/2043		500		504,015
West Valley-Mission Community College District, Series 2022 B, GO Bonds		5.00%		08/01/2024		25		25,388

								37,188,910

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		198

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-1.08%
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds		5.00%		12/15/2026	$	35	$	35,732
Colorado (State of), Series 2013 I, COP^(a)(b)		5.00%		03/15/2024		470		473,769
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2024		40		40,757
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2013 A, RB^(a)(b)		5.00%		01/01/2024		1,150		1,155,738
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2024		140		140,635
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP		5.00%		06/01/2024		110		110,167
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2024		25		25,509
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2024		45		45,962
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2027		25		25,497
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2024		20		20,441
University of Colorado, Series 2017 A-2, Ref. RB		3.25%		06/01/2037		35		31,039

								2,105,246

Connecticut-1.49%
Connecticut (State of), Series 2014 A, GO Bonds		5.00%		03/01/2026		500		503,611
Connecticut (State of), Series 2014 A, GO Bonds		5.00%		03/01/2027		100		100,711
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2024		90		90,942
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2024		475		483,254
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds		5.00%		11/15/2028		100		101,657
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB		5.00%		09/01/2026		75		76,141
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.00%		07/01/2024		10		10,133
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB		5.00%		07/01/2042		500		501,443
Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB		5.00%		07/01/2024		200		202,211
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB^(a)(b)		5.00%		11/01/2024		725		739,009
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2024		100		100,568

								2,909,680

District of Columbia-1.01%
District of Columbia, Series 2014 A, Ref. RB		5.00%		12/01/2024		35		35,722
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2031		20		20,229
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2032		35		35,399
District of Columbia, Series 2014 D, Ref. GO Bonds		5.00%		06/01/2032		400		404,556
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2024		225		227,843
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2024		115		117,198
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2024		55		55,979
District of Columbia (Georgetown University), Series 2017, Ref. RB^(a)		5.00%		04/01/2024		1,015		1,024,382
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2024		50		50,720

								1,972,028

Florida-3.98%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		4.00%		12/01/2044		145		130,466
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		5.00%		12/01/2044		1,000		1,000,029
Brevard (County of), FL Health Facilities Authority (Health First, Inc.), Series 2014, Ref. RB^(a)		5.00%		04/01/2033		1,000		1,005,565
Broward (County of), FL School Board, Series 2017 C, Ref. COP		5.00%		07/01/2024		105		106,221
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2024		100		101,309
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2024		1,000		1,012,342
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		165		167,436
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2024		65		65,856
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB		5.00%		10/01/2044		500		501,415
Jacksonville (City of), FL, Series 2022 A, Ref. RB		5.00%		10/01/2024		1,000		1,016,636
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB		4.00%		11/01/2040		155		139,858
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2028		25		25,361
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2030		30		30,429
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2024		100		101,043
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		02/01/2040		100		100,286

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		199

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2028	$	1,270	$	1,289,939
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		110		111,772
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		3.00%		07/01/2030		25		24,694
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		4.00%		07/01/2034		25		25,141
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB		5.00%		07/01/2039		500		501,537
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2024		120		122,047
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2024		185		188,352

								7,767,734

Georgia-1.48%
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2026		1,150		1,154,528
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2028		50		50,216
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2029		45		45,202
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2030		100		100,443
Atlanta (City of), GA, Series 2015, GO Bonds^(a)(b)		4.75%		12/01/2024		270		274,298
Atlanta (City of), GA, Series 2015, GO Bonds^(a)(b)		5.00%		12/01/2024		50		50,946
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2024		115		117,209
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2024		20		20,344
Georgia (State of), Series 2014 A-2, GO Bonds		4.00%		02/01/2026		10		10,026
Georgia (State of), Series 2014 A-2, GO Bonds		5.00%		02/01/2027		20		20,133
Georgia (State of), Series 2016 A-1, GO Bonds		5.00%		02/01/2024		70		70,491
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		01/01/2024		60		60,332
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		07/01/2024		130		131,829
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2024		15		15,321
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2024		45		45,249
Georgia (State of), Series 2017 C, Ref. GO Bonds		5.00%		07/01/2024		320		324,501
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2024		10		10,153
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2024		40		40,241
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2024		55		55,386
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2024		175		177,462
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		3.00%		10/01/2043		155		119,106

								2,893,416

Hawaii-0.24%
Hawaii (State of), Series 2014 EO, GO Bonds		5.00%		08/01/2029		200		202,876
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2024		100		101,738
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2024		75		76,303
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2024		50		50,869
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2024		40		40,209

								471,995

Idaho-0.08%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2014 A, RB		5.00%		03/01/2044		150		150,125

Illinois-6.12%
Chicago (City of), IL, Series 2008, Ref. RB^(a)		5.00%		01/01/2024		90		90,449
Chicago (City of), IL, Series 2008, Ref. RB		5.00%		01/01/2024		160		160,618
Chicago (City of), IL, Series 2014, RB		5.00%		01/01/2039		1,000		1,001,012
Chicago (City of), IL, Series 2014, RB		5.00%		11/01/2044		1,000		1,001,843
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2024		25		25,071
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2024		150		150,676
Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB		5.00%		01/01/2024		60		60,270
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2024		1,000		1,018,313
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2027		30		30,509
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2028		145		147,390
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB		5.00%		01/01/2027		150		150,588
Chicago (City of), IL Park District, Series 2013 A, GO Bonds^(a)(b)		5.75%		01/01/2024		100		100,769
Chicago (City of), IL Transit Authority, Series 2014, RB		5.25%		12/01/2049		545		549,240

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		200

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2024	$	285	$	287,372
Illinois (State of), Series 2013, RB		5.00%		06/15/2024		145		145,099
Illinois (State of), Series 2014, GO Bonds		5.00%		02/01/2024		200		200,967
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2024		50		50,398
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2027		10		10,051
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2028		10		10,050
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2029		210		210,827
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2030		100		100,377
Illinois (State of), Series 2014, GO Bonds		5.00%		02/01/2039		100		100,017
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2039		1,020		1,020,179
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)^(c)		4.25%		05/01/2034		20		20,023
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2024		20		20,097
Illinois (State of), Series 2018 A, GO Bonds		4.00%		05/01/2024		150		150,233
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2024		50		50,297
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2024		500		504,954
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		25		25,321
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		30		30,385
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		01/01/2024		150		150,744
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		07/01/2024		10		10,136
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2024		20		20,099
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2024		120		122,123
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2026		35		35,581
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2027		1,500		1,523,630
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2029		40		40,605
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024		230		232,805
Illinois (State of) Toll Highway Authority, Series 2014 B, RB		5.00%		01/01/2036		1,000		1,002,799
Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB		5.00%		01/01/2024		200		201,011
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2024		60		60,255
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2024		500		502,123
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2024		90		90,625
University of Illinois, Series 2014 A, RB		5.00%		04/01/2044		500		500,341
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds		4.00%		02/01/2035		25		25,021

								11,941,293

Indiana-0.10%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		12/01/2024		10		10,209
Indiana (State of) Finance Authority (Green Bonds), Series 2015 B, Ref. RB		5.00%		02/01/2024		20		20,140
Indiana (State of) Finance Authority (Green Bonds), Series 2021 B, Ref. RB		5.00%		02/01/2024		100		100,702
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2024		25		25,400
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB		3.13%		12/01/2024		50		49,343

								205,794

Iowa-0.03%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2024		55		55,614

Kansas-0.06%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2024		45		45,712
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		3.00%		09/01/2024		25		24,785
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		09/01/2024		55		55,881

								126,378

Kentucky-0.12%
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2024		50		50,784
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB		4.00%		05/15/2045		25		23,205
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2017 B, Ref. RB		5.00%		05/15/2024		150		151,647

								225,636

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		201

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-1.96%
Louisiana (State of), Series 2014 B, Ref. RB^(a)(b)		4.00%		05/01/2024	$	1,000	$	1,004,144
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Commission), Series 2014 A, RB^(a)(b)		4.38%		02/01/2024		1,050		1,054,449
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2014 A, RB^(a)(b)		5.00%		02/01/2024		70		70,471
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB^(a)(b)		5.00%		10/01/2024		1,000		1,016,319
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB^(a)(b)		5.00%		10/01/2024		125		127,040
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB		5.00%		06/01/2024		5		5,057
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB^(a)(b)		5.00%		06/01/2024		290		293,664
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		06/01/2024		150		151,785
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		15		15,302
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		30		30,604
Shreveport (City of), LA, Series 2014 B, RB		4.00%		12/01/2038		55		50,904

								3,819,739

Maine-0.64%
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB^(a)(b)		4.00%		07/01/2024		210		211,011
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB^(a)(b)		5.00%		07/01/2024		1,000		1,012,845
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB		5.00%		09/01/2024		20		20,308

								1,244,164

Maryland-3.65%
Baltimore (City of), MD (Wastewater), Series 2013 C, RB^(a)(b)		5.00%		01/01/2024		1,080		1,085,738
Baltimore (City of), MD (Water), Series 2013 A, RB^(a)(b)		5.00%		01/01/2024		45		45,239
Baltimore (City of), MD (Water), Series 2013 B, Ref. RB^(a)(b)		5.00%		01/01/2024		500		502,495
Howard (County of), MD, Series 2017 B, Ref. GO Bonds		5.00%		02/15/2024		100		100,771
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2027		120		120,132
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2029		300		300,148
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2030		25		25,015
Maryland (State of), Second Series 2018 B, GO Bonds		5.00%		08/01/2024		1,030		1,046,072
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2024		20		20,183
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2024		10		10,156
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2024		1,630		1,655,434
Maryland (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		65		66,014
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2024		35		35,319
Maryland (State of), Series 2020 C, Ref. GO Bonds		5.00%		08/01/2024		50		50,780
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2027		525		528,808
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2029		100		100,749
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2024		45		45,743
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB		5.00%		10/01/2045		100		100,714
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		40		40,773
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		180		183,478
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		100		101,932
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds		5.00%		11/01/2024		10		10,193
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2024		400		406,062
Prince George’s (County of), MD, Series 2014 A, GO Bonds		4.00%		09/01/2024		530		533,886

								7,115,834

Massachusetts-2.55%
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds		5.00%		08/01/2024		200		203,049
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		4.00%		03/01/2041		30		29,634
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2024		45		45,637
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2024		175		178,481
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2031		320		324,804
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds		5.00%		07/01/2024		1,000		1,014,148

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		202

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds		5.00%		11/01/2024	$	500	$	509,947
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB		5.00%		06/01/2044		985		991,234
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2024		10		10,145
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2006, Ref. RB		5.00%		08/01/2024		100		101,551
Massachusetts (Commonwealth of) College Building Authority (Green Bonds), Series 2014 B, RB^(a)(b)		5.00%		05/01/2024		285		288,197
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB		5.00%		07/01/2044		500		500,352
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB^(a)(b)		5.00%		10/01/2024		20		20,316
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB		5.00%		06/15/2024		525		531,943
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB^(a)(b)		5.00%		02/15/2024		200		201,435
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2024		25		25,404

								4,976,277

Michigan-2.03%
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2024		135		136,062
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2024		225		227,273
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		85		86,090
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		35		35,449
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		115		116,475
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		300		303,849
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2024		150		152,654
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fouth Lien and UTGO Refunding), Series 2016 C-3, Ref. RB		5.00%		04/01/2024		160		161,297
Michigan (State of) Finance Authority (Detroit regional Convention facility Authority), Series 2014 H-1, Ref. RB		5.00%		10/01/2039		500		501,493
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2027		1,000		1,010,570
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2030		20		20,216
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2032		20		20,215
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-2, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2024		830		838,033
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2030		50		50,496
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2031		30		30,300
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2024		20		20,285
Royal Oak (City of), MI Hospital Finance Authority (Beaumont Health Credit Group), Series 2014 D, Ref. RB^(a)(b)		5.00%		03/01/2024		70		70,521
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2024		85		85,834
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB		5.00%		12/01/2044		100		100,382

								3,967,494

Minnesota-1.80%
Metropolitan Council, Series 2021 B, GO Bonds		5.00%		12/01/2024		1,000		1,021,246
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB		5.00%		01/01/2029		100		100,391
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB		5.00%		01/01/2030		275		276,040
Minnesota (State of), Series 2014 A, GO Bonds		5.00%		08/01/2026		1,000		1,017,255
Western Minnesota Municipal Power Agency, Series 2014 A, RB^(a)(b)		4.00%		01/01/2024		1,000		1,002,144
Western Minnesota Municipal Power Agency, Series 2014 A, RB^(a)(b)		5.00%		01/01/2024		100		100,531

								3,517,607

Mississippi-0.01%
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2024		15		15,259

Missouri-0.78%
Curators of the University of Missouri (The), Series 2014 A, Ref. RB		5.00%		11/01/2024		15		15,281

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		203

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2024	$	30	$	30,477
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB		4.00%		11/15/2045		335		308,906
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		4.00%		06/01/2024		190		190,681
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		5.00%		06/01/2024		10		10,108
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		5.00%		06/01/2024		25		25,270
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2024		590		596,234
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2024		25		25,354
St. Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2024		310		313,604

								1,515,915

Nebraska-0.20%
Nebraska (State of) Public Power District, Series 2021 C, Ref. RB		5.00%		01/01/2024		145		145,724
Omaha (City of), NE Public Power District, Series 2014 AA, Ref. RB		5.00%		02/01/2032		120		120,691
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB^(a)(b)		5.00%		08/01/2024		60		60,877
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB		4.00%		02/01/2039		10		9,872
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2024		45		45,305

								382,469

Nevada-1.33%
Clark (County of), NV, Series 2016, Ref. RB		5.00%		07/01/2024		120		121,541
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2024		100		101,219
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2029		500		505,659
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2033		75		75,853
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2024		30		30,314
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2024		75		75,784
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds		5.00%		12/01/2024		175		178,632
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2033		30		30,517
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2039		95		96,186
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		60		60,736
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2024		1,290		1,318,831

								2,595,272

New Jersey-4.27%
New Jersey (State of), Series 2014, GO Bonds		5.00%		06/01/2024		100		101,234
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		310		313,826
New Jersey (State of) Economic Development Authority, Series 2012 II, Ref. RB		3.00%		03/01/2024		60		59,812
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB^(a)(b)		5.00%		06/15/2024		185		187,460
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB^(a)		5.00%		06/15/2026		75		75,737
New Jersey (State of) Economic Development Authority, Series 2014, RB^(a)		5.00%		06/15/2040		150		151,475
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014 A, RB		5.00%		07/01/2044		400		401,434
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014, RB		5.00%		06/15/2026		1,000		1,009,645
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2024		500		505,691
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB		5.00%		07/01/2024		95		96,197
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB^(a)(b)		5.00%		01/01/2024		15		15,075
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB		5.00%		07/01/2028		235		236,143
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB		5.00%		06/15/2032		1,130		1,147,081
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00%		12/15/2024		25		25,426
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2026		100		101,021
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2038		800		804,002
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		4.25%		06/15/2044		150		145,323
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2044		1,000		1,003,091
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2024		25		25,426
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2024		1,000		1,010,991

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		204

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Turnpike Authority, Series 2014 A, RB^(a)(b)		5.00%		07/01/2024	$	100	$	101,407
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2027		100		101,130
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2030		125		126,371
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2033		35		35,359
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2034		445		449,246
South Jersey Transportation Authority, Series 2014 A, Ref. RB		5.00%		11/01/2039		100		99,993

								8,329,596

New Mexico-0.42%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2024		600		604,956
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2024		115		115,950
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB		5.00%		06/15/2027		15		15,185
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2024		25		25,329
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB		4.00%		07/01/2024		50		50,257

								811,677

New York-15.82%
Battery Park (City of), NY Authority, Series 2013 A, RB^(a)(b)		5.00%		11/01/2023		100		100,245
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2021, Ref. RB		5.00%		05/01/2024		200		202,256
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2024		100		101,128
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		55		55,528
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)^(c)		5.25%		11/15/2024		200		203,302
Metropolitan Transportation Authority, Series 2014 B, RB		5.25%		11/15/2044		1,355		1,359,405
Metropolitan Transportation Authority, Series 2014 C, RB		5.00%		11/15/2024		100		101,522
Metropolitan Transportation Authority, Subseries 2014 D-1, RB		5.25%		11/15/2044		100		100,579
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00%		11/15/2024		15		15,322
Nassau (County of), NY, Series 2014 A, GO Bonds		5.00%		04/01/2024		50		50,491
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2024		55		56,002
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2028		25		25,366
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2033		100		101,386
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2039		825		831,879
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2024		130		131,458
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB		4.00%		12/15/2040		155		154,081
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2024		125		127,389
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2024		20		20,295
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2024		125		125,886
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2025		50		50,366
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2024		15		15,237
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2027		40		40,545
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2028		350		354,834
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2029		50		50,695
New York (City of), NY, Series 2014 J, Ref. GO Bonds		5.00%		08/01/2030		1,400		1,419,462
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		25		25,395
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		145		147,289
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2024		25		25,395
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2024		1,000		1,015,783
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2024		55		55,868
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2024		10		10,158
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		10		10,158
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		20		20,316
New York (City of), NY, Series 2018 A, Ref. GO Bonds		5.00%		08/01/2024		95		96,499
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2024		235		238,709
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2024		1,000		1,015,783
New York (City of), NY, Subseries 2008 J-4, GO Bonds		5.00%		08/01/2024		60		60,947
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2027		200		201,477
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2036		15		15,090
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC-1, RB		5.00%		06/15/2047		500		502,473

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		205

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		3.25%		06/15/2028	$	10	$	10,007
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2028		200		202,445
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2036		65		65,575
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB		5.00%		06/15/2036		100		100,884
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2028		500		506,111
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2045		10		10,054
New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB		5.00%		06/15/2024		190		192,704
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB		5.00%		06/15/2026		1,200		1,224,811
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		4.00%		06/15/2024		160		161,058
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2026		75		76,551
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB		5.00%		06/15/2026		15		15,310
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB		5.00%		08/01/2034		1,045		1,056,076
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		11/01/2025		30		30,264
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2029		710		718,538
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2032		15		15,178
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2033		170		171,878
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2036		205		206,681
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2039		75		75,568
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB		5.00%		02/01/2038		1,000		1,003,422
New York (City of), NY Transitional Finance Authority, Series 2014 D-1, RB		5.00%		02/01/2031		15		15,080
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2024		65		66,301
New York (City of), NY Transitional Finance Authority, Series 2017 A-1, RB		5.00%		08/01/2024		340		345,305
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2024		80		81,601
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB		5.00%		05/01/2024		35		35,395
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2024		300		306,003
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2024		200		202,285
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2029		1,370		1,381,895
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2033		50		50,399
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2024		50		50,780
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2024		105		106,638
New York (State of) Dormitory Authority, Series 2014 A, RB^(a)(b)		5.00%		02/15/2024		100		100,762
New York (State of) Dormitory Authority, Series 2014 A, RB^(a)		5.00%		03/15/2024		25		25,240
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2028		15		15,096
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2028		125		125,976
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2029		350		352,264
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2030		400		403,041
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2031		310		312,324
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2032		210		211,552
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2033		100		100,729
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2034		325		327,335
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2035		95		95,673
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2029		1,000		1,007,706
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2030		50		50,380
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2031		500		503,749
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2032		15		15,111
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2033		225		226,640
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		5.00%		10/01/2024		25		25,408
New York (State of) Dormitory Authority, Series 2017 A, RB^(a)		5.00%		03/15/2024		10		10,091
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB^(a)		5.00%		02/15/2024		25		25,190
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024		20		20,281
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB		5.00%		10/01/2024		55		55,898
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00%		10/01/2024		490		499,034
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB^(a)		5.00%		03/15/2024		965		973,748
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2024		150		151,438
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2024		10		10,146
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2024		100		101,464
New York (State of) Thruway Authority, Series 2014 J, RB		5.00%		01/01/2036		300		301,177
New York (State of) Thruway Authority, Series 2014 J, RB		5.00%		01/01/2041		1,440		1,444,074

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		206

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2024	$	25	$	25,352
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2030		505		510,667
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2031		400		404,489
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2024		100		101,407
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2024		50		50,704
New York State Urban Development Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		03/15/2024		95		95,861
New York State Urban Development Corp., Series 2014 A, Ref. RB		5.00%		03/15/2029		150		151,132
New York State Urban Development Corp., Series 2014 A, Ref. RB		5.00%		03/15/2030		200		201,499
New York State Urban Development Corp., Series 2014 A, Ref. RB		5.00%		03/15/2031		200		201,479
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2024		275		277,508
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		3.00%		10/15/2024		10		9,966
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		4.00%		10/15/2024		20		20,154
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		5.00%		10/15/2024		330		336,117
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		440		448,155
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		150		152,780
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		285		290,282
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		100		101,854
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		1,000		1,018,535
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		02/01/2024		200		200,524
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2024		55		56,087
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2014 A, RB		5.00%		11/15/2044		1,000		1,004,068

								30,870,943

North Carolina-1.46%
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		5.00%		01/15/2024		245		246,277
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2024		25		25,209
Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds		4.00%		02/01/2024		155		155,494
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2024		105		107,295
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB		5.00%		02/01/2024		50		50,347
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2024		75		75,920
North Carolina (State of), Series 2014 C, Ref. RB		5.00%		05/01/2024		10		10,109
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		100		101,249
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2024		25		25,274
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2024		10		10,125
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		100		101,249
North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB		5.00%		01/01/2024		215		216,003
North Carolina (State of) Turnpike Authority, Series 2020 B, RB^(a)		5.00%		02/01/2024		450		452,483
University of North Carolina at Greensboro, Series 2014, RB^(a)		4.00%		04/01/2039		60		60,133
Wake (County of), NC, Series 2010 C, Ref. GO Bonds		5.00%		03/01/2024		135		136,167
Wake (County of), NC, Series 2014, GO Bonds		5.00%		09/01/2024		1,000		1,016,987
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2024		60		60,496

								2,850,817

Ohio-1.45%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2024		50		50,619
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2015 A, Ref. RB		5.00%		02/15/2026		55		55,307
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB		5.00%		02/15/2024		185		186,042
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2027		115		117,260
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2024		100		100,981
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		4.00%		12/01/2024		30		30,182
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		195		198,809
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2024		100		101,892
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB^(a)(b)		5.00%		11/15/2024		100		101,937

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		207

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of), Series 2014 R, GO Bonds^(a)(b)		5.00%		05/01/2024	$	335	$	338,649
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2024		10		10,163
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		12/15/2024		80		81,694
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2024		65		65,716
Ohio (State of), Series 2017 A, GO Bonds		5.00%		03/15/2030		40		40,321
Ohio (State of), Series 2017 A, GO Bonds		5.00%		03/15/2033		205		206,580
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		08/01/2024		1,000		1,014,887
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2024		20		20,339
Ohio (State of) (Garvee), Series 2016 I, RB		5.00%		12/15/2024		5		5,106
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB		5.00%		12/01/2024		45		45,901
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		06/01/2024		10		10,119
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		12/01/2024		40		40,801

								2,823,305

Oklahoma-0.47%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2024		15		15,071
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2024		100		101,081
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2026		780		789,448
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2027		10		10,120

								915,720

Oregon-0.95%
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		10		10,129
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		1,015		1,028,103
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2024		430		435,554
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB		5.00%		11/15/2024		25		25,509
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/15/2024		25		25,484
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		4.00%		11/15/2024		20		20,167
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		35		35,698
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		30		30,599
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		195		198,892
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds^(a)(b)		5.00%		06/15/2024		35		35,438

								1,845,573

Pennsylvania-3.49%
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2024		60		60,644
Delaware (State of) River Port Authority, Series 2013, RB^(a)(b)		5.00%		01/01/2024		1,000		1,005,152
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		125		127,442
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2024		150		151,313
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds		5.00%		08/15/2024		1,000		1,015,640
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2024		100		101,706
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2024		90		90,164
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2024		175		177,985
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB		4.00%		02/01/2040		1,000		941,293
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB		5.00%		08/15/2024		65		65,883
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		325		327,367
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB^(a)		5.00%		12/01/2039		1,275		1,293,046
Philadelphia (City of), PA, Series 2015 A, RB^(a)(b)		5.00%		07/01/2024		200		202,650
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2024		150		152,527
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2024		100		101,283
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2014 A, RB^(a)(b)		4.00%		07/01/2024		1,000		1,004,005

								6,818,100

Rhode Island-0.04%
Rhode Island (State of), Series 2014 D, Ref. GO Bonds		5.00%		08/01/2024		75		76,123

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		208

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-0.23%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB^(a)(b)		5.00%		12/01/2023	$	40	$	40,161
Horry County School District, Series 2016, GO Bonds		5.00%		03/01/2024		50		50,384
Piedmont Municipal Power Agency, Series 2017 B, Ref. RB		5.00%		01/01/2024		30		30,132
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2024		50		50,764
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2026		130		131,603
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2028		30		30,318
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2030		100		101,089
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2024		10		10,163

								444,614

South Dakota-0.03%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB		4.13%		07/01/2041		5		4,743
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB		4.00%		11/01/2044		55		50,716

								55,459

Tennessee-0.13%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds		5.00%		07/01/2024		25		25,019
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		4.00%		07/01/2024		50		50,293
Shelby (County of), TN, Series 2012 A, Ref. GO Bonds		5.00%		03/01/2024		80		80,676
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		50		50,966
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		55		56,063

								263,017

Texas-11.14%
Allen Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		135		135,999
Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB^(a)(b)		5.00%		08/15/2024		250		253,346
Austin (City of), TX, Series 2015, Ref. GO Bonds		5.00%		09/01/2024		35		35,577
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2024		5		5,101
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2024		1,000		1,014,797
Bexar (County of), TX, Series 2014, Ctfs. of Obligation^(a)(b)		5.00%		06/15/2024		1,000		1,013,527
Bexar (County of), TX (Flood Control Tax), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		85		86,065
Bexar (County of), TX (Venue), Series 2015, Ref. RB^(a)(b)		4.00%		08/15/2024		1,200		1,206,682
Board of Regents of the University of Texas System, Series 2010 B, Ref. RB		5.00%		08/15/2024		10		10,157
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2024		25		25,382
Board of Regents of the University of Texas System, Series 2016 I, Ref. RB		5.00%		08/15/2024		35		35,534
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2024		50		50,763
Board of Regents of the University of Texas System, Series 2017 C, Ref. RB		5.00%		08/15/2024		35		35,534
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2039		65		61,465
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2044		200		183,385
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2024		500		508,237
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB		5.00%		11/01/2024		425		431,615
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2024		100		100,740
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2026		540		543,209
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2027		125		125,786
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		30		30,586
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		45		45,879
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		65		66,270
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2024		120		122,300
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds^(a)(b)		4.00%		08/15/2024		35		35,195
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		40		40,591
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		40		40,648
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		125		125,958

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		209

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024	$	1,000	$	1,007,662
Denton Independent School District, Series 2014 A, GO Bonds^(a)(b)		5.00%		08/15/2024		100		101,478
Fort Worth Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		25		25,185
Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds^(a)(b)		5.00%		02/15/2024		30		30,209
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2030		1,000		1,013,656
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2024		165		167,642
Harris (County of), TX, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2024		960		976,682
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2026		55		55,574
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2024		35		35,671
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2028		55		56,068
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2024		45		45,863
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2024		40		40,767
Houston (City of), TX, Series 2021 A, GO Bonds		5.00%		03/01/2024		1,010		1,017,901
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2030		1,000		1,002,655
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		10		10,019
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		15		15,110
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		105		105,767
Irving Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		50		50,354
Lone Star College System, Series 2015 B, Ref. GO Bonds		5.00%		02/15/2024		100		100,704
Mansfield Independent School District, Series 2014, GO Bonds^(a)(b)		4.00%		02/15/2024		10		10,028
North Texas Tollway Authority, Series 2014 B, Ref. RB		5.00%		01/01/2031		500		501,656
North Texas Tollway Authority, Series 2014, Ref. RB		5.00%		01/01/2024		500		502,479
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2024		125		125,644
North Texas Tollway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2024		730		733,501
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB^(a)(b)		4.00%		07/01/2024		150		150,843
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2024		15		15,211
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		135		136,028
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2024		250		251,794
San Antonio (City of), TX, Series 2012, Ref. RB		5.25%		02/01/2024		165		166,175
San Antonio (City of), TX, Series 2014, RB		5.00%		02/01/2039		600		601,643
San Antonio (City of), TX, Series 2014, RB		5.00%		02/01/2044		1,000		1,002,097
San Antonio (City of), TX, Series 2015, Ref. RB		5.00%		02/01/2024		70		70,448
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		200		203,147
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB		5.00%		02/15/2024		150		150,944
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2024		370		376,038
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2024		1,100		1,117,950
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2024		1,000		1,016,319
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		285		287,634
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		100		100,924
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		65		65,601
Texas (State of), Series 2014, GO Bonds		5.00%		04/01/2026		20		20,176
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		4.00%		04/01/2024		90		90,326
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		04/01/2024		90		90,832
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		04/01/2024		110		111,017
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		04/01/2024		30		30,277
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2024		10		10,184
Texas (State of) (Water Financial Assistance), Subseries 2018 B-3, Ref. GO Bonds		5.00%		08/01/2024		30		30,465
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2031		100		100,645
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB		5.00%		04/01/2024		435		439,095

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		210

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB^(a)(b)		5.00%		04/01/2024	$	150	$	151,344
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB		5.00%		10/01/2024		75		76,375
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2024		20		20,354
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2024		35		35,326
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2024		225		228,832
United Independent School District, Series 2014, GO Bonds^(a)(b)		5.00%		08/15/2024		50		50,739
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2024		275		276,852
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		45		45,602
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		110		111,472

								21,735,312

Utah-0.29%
Utah (County of), UT (IHC Health Services, Inc.), Series 2014 A, RB		5.00%		05/15/2045		500		501,775
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2024		15		15,213
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2024		40		40,507

								557,495

Virginia-0.61%
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds		5.00%		10/01/2024		10		10,180
Virginia (Commonwealth of), Series 2013 B, GO Bonds		4.00%		06/01/2024		100		100,050
Virginia (Commonwealth of) College Building Authority, Series 2015 D, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		02/01/2024		80		80,555
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2024		190		189,559
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2024		10		10,069
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB		5.00%		02/01/2024		185		186,283
Virginia (Commonwealth of) Public Building Authority, Series 2014 C, Ref. RB		5.00%		08/01/2024		500		507,622
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		08/01/2024		20		20,307
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2024		35		35,408
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2024		35		35,317
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		09/15/2024		10		10,177

								1,185,527

Washington-2.58%
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2024		80		81,099
Energy Northwest (Columbia Generating Station), Series 2014 A, Ref. RB		5.00%		07/01/2024		400		405,496
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2026		1,000		1,012,845
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2027		150		151,890
Seattle (City of), WA, Series 2015, Ref. RB		5.00%		05/01/2024		150		151,683
Seattle (Port of), WA, Series 2015 A, RB		5.00%		04/01/2040		500		502,999
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2024		200		204,200
Washington (State of), Series 2014 B, Ref. GO Bonds		5.00%		07/01/2024		30		30,420
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2028		200		201,249
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2031		150		150,925
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2039		100		100,407
Washington (State of), Series 2014 R, Ref. GO Bonds		4.00%		07/01/2026		45		45,162
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2024		175		177,699
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2024		20		20,280
Washington (State of), Series 2017 D, Ref. GO Bonds		5.00%		08/01/2024		1,400		1,421,594
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2024		190		192,931
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2038		155		155,185
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2041		25		25,019

								5,031,083

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		211

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
West Virginia-0.14%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2024	$	10	$	10,165
West Virginia University, Series 2014 A, RB^(a)(b)		5.00%		10/01/2024		250		254,344

								264,509

Wisconsin-1.25%
Wisconsin (State of), Series 2015 C, GO Bonds^(a)(b)		5.00%		05/01/2024		1,000		1,010,566
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2024		25		25,486
Wisconsin (State of), Series 2016 D, GO Bonds		4.00%		05/01/2026		20		20,089
Wisconsin (State of), Series 2016-1, Ref. GO Bonds		5.00%		11/01/2024		50		50,972
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2024		1,000		1,019,437
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2024		70		70,973
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB		5.00%		11/15/2029		235		237,870

								2,435,393

TOTAL INVESTMENTS IN SECURITIES^(d)-98.36% (Cost $193,741,852)								191,879,918
OTHER ASSETS LESS LIABILITIES-1.64%								3,205,980

NET ASSETS-100.00%							$	195,085,898


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes
Wts.		-Warrants

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		212

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.70%
Alabama-0.42%
Alabama (State of), Series 2014 A, Ref. GO Bonds		5.00%		08/01/2025	$	285	$	288,959
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2025		200		207,412
Birmingham (City of), AL, Series 2015 A-1, GO Bonds^(a)(b)		5.00%		09/01/2025		200		206,730

								703,101

Alaska-0.12%
Alaska (State of) International Airports System, Series 2016 A, Ref. RB		5.00%		10/01/2031		100		102,760
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB		5.00%		09/01/2032		100		102,414

								205,174

Arizona-1.23%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2025		100		103,017
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB		4.00%		11/01/2027		25		25,168
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2025		100		102,565
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB		5.00%		07/01/2025		200		206,382
Arizona State University, Series 2015 D, RB		5.00%		07/01/2041		25		25,427
Arizona State University, Series 2015 D, RB		5.00%		07/01/2046		125		127,048
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2040		15		15,278
Mesa (City of), AZ, Series 2017, Ref. RB		4.00%		07/01/2025		75		76,103
Phoenix (City of), AZ, Series 2014, Ref. GO Bonds		4.00%		07/01/2025		15		15,100
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2025		40		41,276
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB		5.00%		07/01/2034		110		113,088
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2025		130		133,775
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2025		40		41,276
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2025		65		67,074
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2025		30		30,952
Pima (County of), AZ, Series 2016, Ref. RB^(a)		5.00%		07/01/2025		10		10,280
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2032		205		210,597
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB^(a)		5.00%		12/01/2045		605		620,075
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2025		55		56,250
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2025		25		25,568

								2,046,299

Arkansas-0.02%
Arkansas (State of), Series 2015, Ref. GO Bonds		4.00%		06/01/2025		25		25,135

California-17.28%
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds		5.00%		08/01/2039		30		30,774
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2020 C, Ref. RB		5.00%		10/01/2045		50		50,985
Antelope Valley Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		02/15/2025		125		128,362
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB		5.00%		04/01/2025		1,000		1,030,485
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)^(c)		5.00%		09/01/2049		100		104,634
California (State of), Series 2013, Ref. GO Bonds		3.00%		02/01/2025		100		99,984
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2025		1,000		1,018,638
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2025		50		51,947
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2028		865		898,815
California (State of), Series 2015 C, Ref. GO Bonds		3.00%		09/01/2029		65		63,937
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2030		80		82,007
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2030		60		62,114
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2031		100		102,530
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2032		75		77,637
California (State of), Series 2015 C, Ref. GO Bonds		3.38%		09/01/2033		50		49,732
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2034		175		180,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		213

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2015, GO Bonds		5.00%		03/01/2027	$	100	$	102,879
California (State of), Series 2015, GO Bonds		5.00%		03/01/2045		325		331,322
California (State of), Series 2015, GO Bonds		5.00%		08/01/2045		815		835,116
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2027		360		370,364
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2027		150		155,617
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2028		200		205,789
California (State of), Series 2015, Ref. GO Bonds		3.00%		03/01/2029		225		221,667
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2029		100		103,555
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2033		55		56,847
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2034		750		774,048
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2035		1,150		1,183,977
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2025		50		51,947
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2025		155		160,768
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2025		650		674,893
California (State of), Series 2020, GO Bonds		5.00%		11/01/2025		250		260,008
California (State of), Series 2020, GO Bonds		4.00%		11/01/2050		30		29,310
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2025		725		752,766
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2025		410		427,135
California (State of), Series 2022, GO Bonds		5.00%		09/01/2025		1,090		1,130,729
California (State of) (Bid Group B), Series 2020, Ref. GO Bonds		5.00%		11/01/2025		1,000		1,040,031
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2025		20		20,444
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2025		50		52,079
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB^(a)		5.00%		10/01/2025		100		104,014
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2029		500		519,482
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB		5.00%		08/15/2054		500		508,406
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB^(a)(b)		5.00%		08/15/2025		100		103,777
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		3.25%		11/15/2025		40		40,257
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		20		20,879
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		230		240,114
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		500		521,987
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB^(a)		5.00%		07/01/2025		120		124,109
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB^(a)(b)		5.00%		02/01/2025		200		205,235
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB^(a)(b)		5.00%		02/01/2025		60		61,570
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2027		150		154,706
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2025		125		129,889
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB		5.00%		12/01/2025		300		312,802
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2027		100		104,211
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2031		150		155,895
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2038		1,000		1,030,501
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2043		660		676,301
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		50		51,165
Chino Basin Regional Financing Authority, Series 2020 B, RN		4.00%		11/01/2025		200		203,246
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB		5.00%		09/01/2033		100		82,692
East Bay Municipal Utility District, Series 2015 A, Ref. RB		5.00%		06/01/2029		50		51,809
Long Beach (City of), CA, Series 2020, Ref. RB		5.00%		05/15/2025		30		30,968
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB		5.00%		05/15/2038		75		76,950
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2028		65		66,723
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2029		45		46,174
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2035		40		40,954
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2025		1,000		1,034,965
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2025		215		222,307
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		200		204,996
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB		5.00%		10/01/2034		400		414,755

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		214

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds		5.00%		08/01/2025	$	90	$	93,434
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2025		1,020		1,035,726
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		40		41,399
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2025		85		87,972
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2025		250		258,759
Los Rios Community College District, Series 2021 E, GO Bonds		3.00%		08/01/2025		50		49,745
Metropolitan Water District of Southern California, Series 2015 A, RB^(a)(b)		5.00%		07/01/2025		500		518,475
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2025		250		258,876
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2025		100		104,003
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2025		40		41,055
Orange (County of), CA Water District, Series 2021 A, COP		4.00%		02/15/2025		50		50,615
Peralta Community College District, Series 2016 A, Ref. GO Bonds		4.00%		08/01/2039		20		19,684
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB^(a)(b)		4.13%		11/01/2025		105		107,545
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB^(a)(b)		5.25%		11/01/2025		80		83,804
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB		5.00%		08/15/2025		100		103,840
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB		4.00%		11/01/2025		165		168,015
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2025		20		20,770
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025		10		10,357
San Diego (County of), CA Water Authority, Series 2015, Ref. RB		5.00%		05/01/2029		100		103,302
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2025		10		10,366
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2025		120		124,174
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2027		25		25,896
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2028		65		67,311
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00%		07/01/2045		75		76,484
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2025		10		10,351
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP		5.00%		04/01/2029		25		26,041
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP		3.00%		04/01/2031		115		113,083
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2027		250		257,979
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2025		100		103,371
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2028		115		118,882
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2029		65		67,325
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		4.00%		08/01/2035		150		150,919
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		5.00%		01/15/2025		1,100		1,128,989
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2025		100		103,345
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB		5.00%		08/01/2025		115		119,236
San Mateo County Transit District, Series 2015 A, Ref. RB		5.00%		06/01/2029		1,000		1,034,107
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB		3.00%		05/15/2034		250		231,295
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2025		500		515,788
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds		4.00%		09/01/2037		25		24,849
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2025		305		314,633
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2025		30		30,947
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2029		40		41,279
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2030		120		123,763
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2032		60		61,815
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2040		65		66,360
Ventura County Community College District, Series 2015, Ref. GO Bonds		3.13%		08/01/2031		150		149,445
Yosemite Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2025		20		20,756
Yosemite Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2025		40		41,511

								28,834,227

Colorado-0.77%
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds		5.00%		12/01/2040		10		10,244
Adams (County of), CO , Series 2015, Ref. COP		4.00%		12/01/2045		35		32,441
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds		5.00%		12/15/2025		25		26,021
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds		5.00%		12/15/2031		50		51,864
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2025		25		25,973
Board of Governors of Colorado State University System, Series 2015 A, RB		4.13%		03/01/2055		350		327,434

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		215

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2025	$	80	$	82,999
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2025		200		203,816
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2027		165		169,448
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2025		150		153,077
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2025		190		195,610

								1,278,927

Connecticut-2.82%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2027		200		205,021
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2028		210		215,114
Connecticut (State of), Series 2015 B, GO Bonds		5.00%		06/15/2025		50		51,581
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2027		135		140,002
Connecticut (State of), Series 2015 F, GO Bonds		3.25%		11/15/2029		200		198,081
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2025		1,000		1,023,295
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2025		105		106,060
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2025		1,000		1,036,428
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2025		100		103,400
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, Ref. RB		5.00%		09/01/2025		500		507,619
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2028		300		309,252
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2029		80		82,502
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2033		95		97,730
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2034		250		256,993
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2035		40		40,974
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2025		75		76,617
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB		5.00%		07/01/2025		250		258,157

								4,708,826

Delaware-0.31%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2025		200		204,572
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2025		300		306,858

								511,430

District of Columbia-1.13%
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2028		10		10,260
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2029		10		10,256
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2030		100		102,530
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2032		1,000		1,024,280
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2034		50		51,155
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2036		150		153,209
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2038		100		102,021
District of Columbia, Series 2017 D, GO Bonds		5.00%		06/01/2025		5		5,145
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2025		275		282,978
District of Columbia, Series 2019 A, RB		5.00%		03/01/2025		35		35,875
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB		5.00%		10/01/2025		50		50,841
District of Columbia Water & Sewer Authority (Green Bonds), Series 2015 A, RB		5.00%		10/01/2045		60		60,870

								1,889,420

Florida-3.91%
Broward (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		07/01/2025		70		71,858
Broward (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		07/01/2030		165		168,900
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2025		25		25,730
Citizens Property Insurance, Inc., Series 2015 A-1, RB		5.00%		06/01/2025		155		157,716
Florida (State of), Series 2015 E, Ref. GO Bonds		4.00%		06/01/2032		135		136,209
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2025		45		46,339
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2025		505		520,028
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB		5.00%		07/01/2025		500		506,770
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2025		65		66,923
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2025		85		87,590

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		216

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2025	$	55	$	56,682
Florida Keys Aqueduct Authority, Series 2019 A, RB		5.00%		09/01/2049		975		988,859
Florida Keys Aqueduct Authority, Series 2021 B, RB		5.00%		09/01/2025		100		103,345
FSU Financial Assistance, Inc., Series 2015 A, RB		4.25%		10/01/2045		50		46,487
Gainesville (City of), FL, Series 2017 A, RB^(a)		5.00%		10/01/2025		10		10,332
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2025		40		41,328
Hillsborough (County of), FL, Series 2015, RB		3.75%		10/01/2045		200		180,202
Hillsborough (County of), FL, Series 2015, Ref. RB		5.00%		11/01/2025		130		134,488
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2027		75		77,032
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2029		30		30,831
Jacksonville (City of), FL, Series 2015, Ref. RB		3.25%		10/01/2032		100		98,019
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)^(c)		5.00%		06/01/2031		100		101,797
Lee (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2033		45		46,198
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2025		45		46,211
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2028		200		204,086
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2030		125		127,473
Miami Beach (City of), FL, Series 2015, RB		4.00%		09/01/2045		260		249,133
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		210		210,513
Miami-Dade (County of), FL, Series 2014 B, Ref. RB		5.00%		10/01/2025		665		673,519
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2032		410		420,037
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2034		10		10,225
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2030		55		56,413
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2040		15		15,172
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2045		185		186,573
Orange (County of), FL School Board, Series 2015 C, Ref. COP^(a)(b)		5.00%		08/01/2025		40		41,323
Orange (County of), FL School Board, Series 2015 C, Ref. COP^(a)(b)		5.00%		08/01/2025		35		36,158
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2025		85		88,013
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB		5.00%		10/01/2028		100		102,423
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2027		40		41,057
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2030		220		225,444
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB		5.00%		10/01/2025		65		67,198
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB^(a)(b)		5.00%		04/15/2025		15		15,380

								6,520,014

Georgia-2.93%
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2025		1,000		1,005,144
Atlanta (City of), GA, Series 2015, Ref. RB^(a)(b)		5.00%		05/01/2025		25		25,693
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2025		35		35,895
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2028		700		720,245
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2031		20		20,590
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2040		475		484,134
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2025		60		62,101
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB^(a)(b)		5.25%		02/15/2025		100		102,683
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB^(a)(b)		5.50%		02/15/2025		100		103,032
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		4.00%		07/01/2025		140		142,009
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2025		10		10,244
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2025		50		51,595
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2025		600		608,609
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2027		370		378,420
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB		4.13%		06/15/2040		50		46,975
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.00%		07/01/2060		175		174,976
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.50%		07/01/2060		100		100,679
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2025		50		51,468

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		217

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB		4.00%		08/01/2025	$	500	$	507,091
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2031		55		56,772
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2035		30		30,887
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2025		170		175,953

								4,895,195

Hawaii-1.08%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds^(a)(b)		5.00%		10/01/2025		150		155,134
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2025		130		134,634
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2025		20		20,713
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2038		50		51,054
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2027		250		259,001
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2028		195		201,822
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2029		110		113,826
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2030		75		77,532
Honolulu (City & County of), HI, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		15		15,460
Honolulu (City & County of), HI, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		5		5,153
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		5.00%		10/01/2027		400		414,401
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		5.00%		10/01/2029		30		31,043
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		4.00%		10/01/2032		50		50,480
Honolulu (City & County of), HI, Series 2015, Ref. RB		3.50%		07/01/2033		75		74,878
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2025		200		204,886

								1,810,017

Illinois-6.04%
Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		01/01/2038		105		102,425
Chicago (City of), IL, Series 2004, Ref. RB		5.00%		11/01/2025		300		308,404
Chicago (City of), IL, Series 2005 D, Ref. GO Bonds		5.50%		01/01/2040		105		106,184
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2029		25		25,402
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2030		25		25,389
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2031		725		735,958
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2032		235		238,564
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2033		135		137,021
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2025		25		25,474
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2025		1,020		1,055,235
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2025		50		51,517
Cook (County of), IL, Series 2022 A, Ref. GO Bonds		5.00%		11/15/2025		25		25,758
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2025		105		106,623
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2025		75		76,984
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2025		25		25,635
Illinois (State of), Series 2020 D, GO Bonds		5.00%		10/01/2025		45		46,143
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2025		1,485		1,512,064
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2025		475		485,159
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		5.00%		11/15/2035		750		761,431
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		4.13%		11/15/2037		40		38,400
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		5.00%		11/15/2045		90		90,009
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2028		20		20,410
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB		5.00%		08/15/2035		230		233,187
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2035		15		15,376
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2040		100		101,768
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2015 A, RB		5.00%		10/01/2034		250		256,924
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB		5.00%		06/15/2053		250		250,085
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		5.00%		02/01/2029		20		20,496
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2033		230		228,972
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2034		45		44,584
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2036		1,000		1,013,253
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2039		10		10,116

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		218

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2036	$	1,000	$	1,018,109
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2037		15		15,307
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2040		270		273,313
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2025		20		20,358
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2025		45		45,806
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB		4.00%		10/15/2040		120		114,229
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2028		20		20,279
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2029		190		192,760
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2031		20		20,299
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(c)		4.00%		03/01/2040		170		161,052
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		03/01/2040		30		30,431

								10,086,893

Indiana-0.92%
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2015 A, Ref. RB^(a)(b)		4.00%		03/01/2025		80		80,662
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		02/01/2025		300		307,311
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB		4.00%		12/01/2040		560		540,962
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2025		80		82,432
Indiana University, Series 2015 A, Ref. RB		4.00%		06/01/2042		500		482,390
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2025		45		46,485

								1,540,242

Iowa-0.03%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2025		25		25,674
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB		5.00%		08/01/2025		20		20,650

								46,324

Kansas-0.36%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2025		25		25,763
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2025		85		87,777
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2027		55		56,819
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2029		145		149,794
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2033		200		206,067
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2025		20		20,295
University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB		5.00%		09/01/2045		50		50,295

								596,810

Kentucky-0.56%
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RN		5.00%		09/01/2025		100		101,503
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN		5.00%		11/01/2025		400		412,380
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB		4.25%		07/01/2035		125		121,559
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)^(c)		4.00%		09/01/2039		230		213,867
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB		3.00%		05/15/2047		110		80,046

								929,355

Louisiana-1.63%
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB^(a)(b)		5.00%		02/01/2025		335		343,071
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		4.00%		05/01/2025		1,010		1,019,428
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		4.50%		05/01/2025		1,160		1,180,082
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		5.00%		05/01/2025		150		153,793
New Orleans (City of), LA, Series 2015, RB^(a)(b)		5.00%		06/01/2025		25		25,751

								2,722,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		219

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-1.65%
Maryland (State of), First series 2016, GO Bonds		4.00%		06/01/2025	$	400	$	402,369
Maryland (State of), Series 2015 A, GO Bonds		2.75%		08/01/2025		500		490,224
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2025		380		390,162
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2025		100		103,458
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2025		500		517,824
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB		4.00%		05/15/2040		75		72,180
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB		5.00%		07/01/2040		100		100,654
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB		5.00%		07/01/2045		425		427,133
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2025		100		103,155
Montgomery (County of), MD, Series 2016 A, GO Bonds		5.00%		12/01/2025		150		152,820

								2,759,979

Massachusetts-3.23%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2029		35		36,096
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2030		40		41,263
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		4.50%		07/01/2034		85		86,581
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2036		150		153,891
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds		5.00%		07/01/2045		110		111,743
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2025		45		46,436
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		50		51,595
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2033		145		145,598
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		3.00%		04/01/2044		295		235,935
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2046		220		213,838
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2025		560		581,218
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2025		50		51,143
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2025		250		259,902
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB		5.00%		06/01/2040		845		861,892
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		40		41,262
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2025		500		515,865
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB^(a)		4.00%		05/01/2025		230		232,147
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB		4.00%		05/01/2025		20		20,254
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB		5.00%		07/01/2044		710		712,244
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB		5.00%		01/01/2035		275		277,288
Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB		5.00%		07/01/2045		100		101,584
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB^(a)(b)		5.00%		08/15/2025		70		72,416
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2027		30		30,953
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2029		200		206,603
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037		200		204,827
University of Massachusetts Building Authority, Series 2015 1, RB		5.00%		11/01/2040		100		102,419

								5,394,993

Michigan-2.12%
Mattawan Consolidated School District, Series 2015 I, GO Bonds^(a)(b)		5.00%		05/01/2025		1,000		1,028,546
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2025		500		511,567
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2028		140		144,529
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2029		25		25,758
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2033		300		309,611
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2030		10		10,294
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2032		375		387,132
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2038		30		30,652
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		10/15/2045		300		305,583
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB		5.00%		11/01/2044		100		100,731
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2025		60		60,612

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		220

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB		5.00%		07/01/2034	$	25	$	25,526
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 D-1, Ref. RB		5.00%		07/01/2034		50		51,075
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB^(a)(b)		5.00%		05/15/2025		55		56,560
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB		5.00%		11/15/2045		45		45,003
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.00%		12/01/2025		35		35,984
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.50%		12/01/2027		350		361,431
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB		5.25%		10/15/2040		50		51,522

								3,542,116

Minnesota-0.56%
Metropolitan Council, Series 2021 B, GO Bonds		5.00%		12/01/2025		175		181,889
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2025		50		51,078
Minnesota (State of), Series 2015 A, GO Bonds		5.00%		08/01/2029		225		232,109
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2025		45		46,497
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2027		5		5,167
Minnesota (State of), Series 2016 D, Ref. GO Bonds		5.00%		08/01/2025		20		20,665
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2025		65		67,162
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2028		300		305,752
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2032		30		30,519

								940,838

Mississippi-0.31%
Mississippi (State of), Series 2015 A, GO Bonds^(a)(b)		4.00%		10/01/2025		310		314,138
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2025		100		103,423
Mississippi (State of), Series 2015 F, GO Bonds^(a)(b)		5.00%		11/01/2025		100		103,791

								521,352

Missouri-1.17%
Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB		4.00%		02/01/2040		40		37,323
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB		4.00%		05/15/2042		25		23,325
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2025		250		252,734
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2029		1,000		1,021,435
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2030		100		102,109
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2025		500		514,016

								1,950,942

Nebraska-0.87%
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB		4.13%		11/01/2036		65		64,432
Gretna (City of), NE, Series 2022, COP		5.00%		12/15/2025		100		101,746
Lincoln (City of), NE, Series 2015 A, Ref. RB		4.00%		09/01/2040		100		98,211
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB		5.00%		02/01/2043		1,000		1,009,987
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB		5.00%		01/01/2028		75		76,188
University of Nebraska, Series 2015, RB^(a)(b)		4.00%		07/01/2025		100		101,222

								1,451,786

Nevada-0.51%
Clark (County of), NV, Series 2015, Ref. GO Bonds		4.00%		11/01/2035		285		283,860
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040		210		213,283
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2025		170		174,455
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds		5.00%		06/01/2025		65		66,919
Nevada (State of), Series 2015 B, Ref. GO Bonds		5.00%		11/01/2025		115		118,177

								856,694

New Jersey-3.37%
Essex (County of), NJ, Series 2017, Ref. GO Bonds		5.00%		08/01/2025		15		15,488

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		221

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of), Series 2013, GO Bonds		3.00%		06/01/2025	$	100	$	99,028
New Jersey (State of), Series 2014, GO Bonds^(a)(b)		5.00%		06/01/2025		300		308,755
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2025		720		740,766
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)^(c)		5.50%		09/01/2025		90		93,531
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB^(a)(b)		5.00%		06/15/2025		400		412,979
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB^(a)(b)		5.00%		06/15/2025		50		51,622
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB^(a)(b)		5.00%		06/15/2025		55		56,785
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2025		460		471,096
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2025		200		205,558
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2025		270		272,892
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.25%		06/15/2031		100		102,799
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		4.75%		06/15/2038		135		136,412
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.00%		06/15/2045		260		261,706
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB		5.00%		01/01/2025		70		71,545
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2032		1,000		1,019,355
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2045		1,285		1,300,482
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2025		5		5,110

								5,625,909

New Mexico-0.18%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB		5.00%		07/01/2025		55		56,696
New Mexico (State of) (Capital), Series 2015, GO Bonds^(a)		5.00%		03/01/2025		75		76,909
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB^(a)(b)		5.00%		08/01/2025		110		113,022
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2025		50		51,497

								298,124

New York-17.66%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2025		100		102,903
Metropolitan Transportation Authority, Series 2015 B, RB		4.00%		11/15/2045		235		215,203
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB		5.00%		11/15/2029		350		358,000
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)^(c)		5.00%		11/15/2033		70		71,868
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2025		200		205,412
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB		5.00%		11/15/2029		265		271,057
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB		5.00%		11/15/2025		200		205,412
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2025		200		205,412
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2027		75		77,019
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2030		70		71,827
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		3.25%		05/01/2033		25		24,734
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2045		60		60,821
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2029		175		181,009
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2030		100		103,392
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2032		245		253,109
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2035		365		375,802
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,025,204
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2025		100		101,771
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2026		690		704,808
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2028		420		429,130
New York (City of), NY, Series 2015 F-1, GO Bonds		3.50%		06/01/2033		10		10,014
New York (City of), NY, Series 2015 F-1, GO Bonds		3.75%		06/01/2037		75		71,764
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2025		175		180,920
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2025		200		206,765
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2025		110		113,721
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2025		500		516,913
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB^(a)(b)		5.00%		06/15/2025		20		20,628
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2029		90		92,657
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2039		460		469,184

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		222

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2031	$	170	$	174,900
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2039		100		101,997
New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB		5.00%		06/15/2029		15		15,443
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB		5.00%		06/15/2046		130		132,036
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB		5.00%		06/15/2027		425		441,689
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB		5.00%		06/15/2027		170		176,676
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2025		410		422,965
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2031		300		308,521
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2037		85		86,988
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2027		200		205,025
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2032		185		188,766
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2033		400		408,032
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2041		330		334,722
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2027		300		309,185
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2034		35		36,014
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2035		25		25,482
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2040		1,200		1,220,646
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2041		200		203,261
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2028		610		623,636
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040		355		359,340
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00%		07/15/2035		500		513,393
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB^(a)		5.00%		07/15/2025		50		51,610
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2025		100		103,791
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2025		50		51,895
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2025		45		46,505
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2032		180		185,798
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2035		150		154,485
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2038		75		76,913
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(a)		5.00%		03/15/2025		200		205,430
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		03/15/2025		450		461,811
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2030		100		102,239
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2032		85		86,839
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2033		1,000		1,021,338
New York (State of) Dormitory Authority, Series 2015 B, RB^(a)		5.00%		02/15/2025		105		107,599
New York (State of) Dormitory Authority, Series 2015 B, RB^(a)(b)		5.00%		02/15/2025		40		40,990
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2030		245		252,504
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2031		200		206,126
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2032		1,000		1,020,396
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2032		600		618,377
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2033		650		663,074
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2033		175		180,291
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2034		435		443,380
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2042		40		40,738
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2044		1,575		1,590,734
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		02/15/2031		150		153,123
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		03/15/2045		200		203,220
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB^(a)(b)		4.00%		09/15/2025		150		152,369
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		5.00%		03/15/2030		1,000		1,030,232
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB^(a)		5.00%		02/15/2025		100		102,475
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2025		100		103,463
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(c)		5.00%		10/01/2025		200		207,089
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2025		100		102,629
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(c)		5.00%		10/01/2025		50		51,772
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB		5.00%		07/01/2043		200		201,784
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040		45		45,301
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2030		325		334,381
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2035		105		107,899

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		223

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2025	$	110	$	112,515
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2028		200		203,816
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2032		885		901,428
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		06/15/2027		355		366,537
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2027		80		83,410
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2033		485		503,503
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2036		325		335,448
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		4.00%		12/15/2037		50		50,258
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2033		95		97,156
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		15		15,205
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		4.00%		11/15/2045		210		191,053
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2025		90		92,925
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2025		100		102,629
New York State Urban Development Corp., Series 2015 A, Ref. RB^(a)(b)		5.00%		09/15/2025		20		20,705
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2028		15		15,471
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2030		70		72,199
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2033		150		154,564
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2025		1,000		1,026,290
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2025		65		66,709
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2025		100		102,910
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB		5.00%		11/15/2034		405		419,105
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2050		500		505,302
Triborough Bridge & Tunnel Authority, Series 2021 A, RB		5.00%		11/01/2025		500		518,531

								29,481,445

North Carolina-1.09%
Charlotte (City of), NC, Series 2015, Ref. RB		5.00%		07/01/2025		110		113,490
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		5.00%		01/15/2025		135		137,710
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2025		100		102,575
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2025		65		67,602
North Carolina (State of), Series 2013 B, Ref. GO Bonds		5.00%		06/01/2025		20		20,608
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2025		145		149,232
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2025		40		41,109
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2025		120		123,328
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2025		25		25,759
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2029		270		274,696
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2030		130		132,189
North Carolina (State of) (Vehicle-Garvee), Series 2015, RB		5.00%		03/01/2027		150		153,416
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB^(a)(b)		5.00%		10/01/2025		300		310,572
North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB		5.00%		06/01/2025		65		66,741
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2025		100		102,545

								1,821,572

Ohio-1.27%
Bowling Green State University, Series 2016 A, RB		5.00%		06/01/2042		100		101,938
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		12/01/2025		200		208,857
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2025		25		25,469
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds		5.00%		07/01/2025		150		154,840
Columbus (City of), OH, Series 2016 A, GO Bonds		4.00%		08/15/2027		500		506,381
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2025		100		102,784
Ohio (State of), Series 2015 C, GO Bonds^(a)(b)		5.00%		05/01/2025		25		25,714
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2032		150		154,143
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2034		270		277,018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		224

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2035	$	180	$	184,503
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2025		135		139,725
Ohio (State of) (Garvee), Series 2018 1, RB		5.00%		12/15/2025		85		88,281
Willoughby-Eastlake City School District, Series 2016, GO Bonds^(a)(b)		5.00%		12/01/2025		140		145,388

								2,115,041

Oklahoma-0.23%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2025		75		75,428
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2025		65		66,697
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB		5.00%		07/01/2025		130		133,799
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB		5.00%		06/01/2025		100		102,611

								378,535

Oregon-0.38%
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		11/15/2025		10		10,199
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2025		500		519,565
Oregon (State of) Lottery, Series 2015 D, Ref. RB		5.00%		04/01/2027		100		102,605

								632,369

Pennsylvania-3.80%
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds		5.00%		11/01/2025		100		103,706
Chartiers Valley School District, Series 2015 B, GO Bonds^(a)(b)		5.00%		04/15/2025		85		87,221
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2033		600		611,136
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2035		285		289,378
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB		4.13%		07/01/2040		100		95,606
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2025		105		106,963
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2025		95		97,440
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2028		500		512,906
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2029		195		200,357
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2033		100		102,777
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds		5.00%		03/15/2031		1,350		1,384,238
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2025		120		124,200
Pennsylvania (Commonwealth of), First series 2021, GO Bonds		5.00%		05/15/2025		65		66,857
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds		5.00%		08/15/2032		20		20,688
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2025		45		46,575
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB		5.00%		09/01/2045		35		35,057
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB		5.00%		09/01/2039		100		100,654
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB		5.00%		08/15/2040		100		101,485
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2025		5		5,138
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2026		25		25,755
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2038		50		50,810
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2040		65		65,823
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		4.00%		12/01/2041		95		91,752
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2045		1,250		1,266,468
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2027		200		207,091
Philadelphia (City of), PA, Series 2015 B, GO Bonds		4.00%		08/01/2035		25		25,107
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2025		50		51,661
Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB		5.00%		04/01/2040		185		187,160
Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB		5.00%		04/15/2031		75		76,906
Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)^(c)		4.13%		02/01/2036		85		85,396
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)^(c)		5.00%		08/15/2038		110		112,075

								6,338,386

South Carolina-0.44%
Charleston (City of), SC, Series 2015, RB^(a)(b)		5.00%		01/01/2025		200		204,520

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		225

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-(continued)
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB		4.00%		10/01/2038	$	25	$	23,592
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2028		100		102,098
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2050		210		210,082
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		4.00%		10/01/2031		150		150,696
Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB		4.00%		03/01/2040		45		44,477

								735,465

Tennessee-1.14%
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2031		130		134,214
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2032		400		412,816
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds^(a)(b)		5.00%		07/01/2025		40		41,262
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2025		170		173,842
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2025		5		5,156
Tennessee (State of) School Bond Authority, Series 2015 B, RB^(a)(b)		5.00%		11/01/2025		10		10,379
Tennessee (State of) School Bond Authority, Series 2015 B, RB^(a)(b)		5.00%		11/01/2025		1,000		1,037,910
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2025		85		88,186

								1,903,765

Texas-9.41%
Alamo Regional Mobility Authority, Series 2016, RB^(a)(b)		5.00%		06/15/2025		1,000		1,028,945
Austin (City of), TX, Series 1998, Ref. RB, (INS - NATL)^(c)		5.25%		05/15/2025		490		500,171
Austin Community College District, Series 2015, GO Bonds		5.00%		08/01/2035		150		153,379
Bexar (County of), TX, Series 2016, Ref. GO Bonds^(a)(b)		4.00%		06/15/2025		250		252,957
Central Texas Regional Mobility Authority, Series 2015 A, RB^(a)(b)		5.00%		07/01/2025		500		513,539
Clint Independent School District, Series 2015, GO Bonds^(a)(b)		5.00%		08/15/2025		65		67,007
Corpus Christi (City of), TX, Series 2015, RB		5.00%		07/15/2040		100		101,269
Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2032		215		215,560
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2025		75		75,570
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2044		1,000		1,010,731
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB^(a)(b)		5.00%		12/01/2025		150		155,609
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB^(a)(b)		5.00%		12/01/2025		200		207,478
Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		20		20,502
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		205		210,142
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		95		97,080
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		70		71,881
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2029		155		159,197
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2025		380		392,481
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2025		130		134,297
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB		5.00%		12/01/2025		25		25,410
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2025		255		257,764
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2025		200		207,137
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds		5.00%		08/15/2028		115		118,539
Lone Star College System, Series 2015 B, Ref. GO Bonds		5.00%		02/15/2025		105		107,440
Lower Colorado River Authority, Series 2015, Ref. RB		4.00%		05/15/2045		250		220,923
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2031		230		236,751
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2029		200		207,551
North Texas Tollway Authority, Series 2008 I, Ref. RB^(a)(b)		6.20%		01/01/2025		100		103,628
North Texas Tollway Authority, Series 2014 A, Ref. RB		5.00%		01/01/2025		250		251,141
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2032		225		228,295
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2033		200		202,761

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		226

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2034	$	355	$	359,674
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2035		145		146,765
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2029		60		60,964
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2034		115		116,509
North Texas Tollway Authority, Series 2015 B, Ref. RB		4.00%		01/01/2035		100		100,041
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2025		155		155,707
Northwest Independent School District, Series 2015, GO Bonds^(a)(b)		5.00%		02/15/2025		65		66,517
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2025		145		147,082
Pflugerville Independent School District, Series 2023 A, GO Bonds		5.00%		02/15/2025		1,000		1,022,950
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2025		1,000		1,023,092
Port Arthur Independent School District, Series 2015 A, GO Bonds^(a)(b)		5.00%		02/15/2025		450		460,179
Rockwall Independent School District, Series 2016, GO Bonds^(a)(b)		5.00%		02/15/2025		175		179,083
SA Energy Acquisition Public Facility Corp., Series 2007, RB		5.50%		08/01/2025		100		101,774
San Antonio (City of), TX, Series 2012, Ref. RB		5.25%		02/01/2025		270		276,825
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB		5.00%		03/01/2029		150		153,565
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB		5.00%		02/15/2025		50		51,041
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		175		180,693
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2028		130		134,308
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2035		200		205,818
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2025		25		25,685
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2025		115		118,149
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		575		584,640
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2025		1,000		1,034,427
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2030		305		316,452
Texas (State of) Water Development Board, Series 2015 A, RB		4.00%		10/15/2033		500		502,404
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2040		115		117,638
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		100		101,887
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2025		125		128,593
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2025		135		138,387
Ysleta Independent School District, Series 2016, GO Bonds^(a)(b)		5.00%		08/15/2025		155		159,786

								15,705,770

Utah-0.40%
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2025		320		330,326
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		60		61,842
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		80		82,455
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		130		133,990
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2025		25		25,668
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		15		15,460
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		20		20,614

								670,355

Vermont-0.01%
University of Vermont & State Agricultural College, Series 2015, Ref. RB		5.00%		10/01/2045		20		20,199

Virginia-1.59%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.00%		10/01/2025		75		76,197
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2025		150		153,534
University of Virginia, Series 2015 A-1, RB		4.00%		04/01/2045		150		144,488
Upper Occoquan Sewage Authority, Series 2014, Ref. RB^(a)(b)		5.00%		07/01/2025		500		515,327
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB^(a)(b)		5.00%		02/01/2025		40		40,964
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB		5.00%		02/01/2025		215		220,239
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2025		40		39,506
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB		5.00%		02/01/2025		130		133,168
Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2025		45		46,558
Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB		4.00%		08/01/2033		1,000		1,006,423

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		227

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025	$	65	$	67,089
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		4.00%		08/01/2025		90		90,495
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2025		120		123,489

								2,657,477

Washington-5.20%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		4.00%		11/01/2025		1,000		1,016,194
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		30		31,105
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		75		77,764
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		75		77,764
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		150		155,528
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		20		20,737
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2025		100		103,083
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2029		100		102,844
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2032		75		77,013
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2033		170		174,532
Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB		5.00%		07/01/2031		500		513,597
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2025		500		515,416
King (County of), WA, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		01/01/2025		115		117,524
King (County of), WA, Series 2015, Ref. RB^(a)(b)		5.00%		01/01/2025		40		40,904
King (County of), WA, Series 2015, Ref. RB^(a)(b)		5.00%		01/01/2025		55		56,243
King (County of), WA, Series 2015, Ref. RB		4.00%		07/01/2045		75		70,780
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		12/01/2025		50		51,979
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2025		300		307,311
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2045		20		20,192
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		10		10,363
Washington (State of), Series 2014 C, Ref. GO Bonds		5.00%		07/01/2030		700		713,691
Washington (State of), Series 2014 C, Ref. GO Bonds		5.00%		07/01/2032		295		300,578
Washington (State of), Series 2014 D, Ref. GO Bonds		5.00%		07/01/2032		345		351,523
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2028		45		45,939
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2029		10		10,198
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2030		125		127,445
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2031		200		205,647
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2035		1,000		1,023,775
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2026		15		15,317
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2029		865		882,143
Washington (State of), Series 2015 R, Ref. GO Bonds		4.00%		07/01/2031		400		401,757
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2031		140		142,774
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2032		200		203,782
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2033		200		203,756
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2025		250		258,316
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		4.00%		07/01/2036		110		104,337
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		5.00%		07/01/2039		75		75,229
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB		5.00%		08/15/2030		35		35,604
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB		5.00%		03/01/2038		40		40,333

								8,683,017

Wisconsin-0.55%
Wisconsin (State of), Series 2015, Ref. GO Bonds		5.00%		05/01/2027		175		180,548
Wisconsin (State of), Series 2016-1, Ref. GO Bonds		5.00%		11/01/2025		30		30,863
Wisconsin (State of), Series 2017 A, GO Bonds^(a)(b)		5.00%		05/01/2025		115		118,283
Wisconsin (State of), Series 2017 A, GO Bonds		5.00%		05/01/2027		250		257,926
Wisconsin (State of), Series 2019 A, Ref. RB^(a)		5.00%		05/01/2025		45		46,284

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		228

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB		5.00%		07/01/2025	$	35	$	36,079
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2025		50		51,542
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB		4.25%		06/01/2041		200		190,205

								911,730

TOTAL INVESTMENTS IN SECURITIES^(d)-98.70% (Cost $167,980,006)								164,747,373
OTHER ASSETS LESS LIABILITIES-1.30%								2,161,982

NET ASSETS-100.00%							$	166,909,355

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		229

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.60%
Alabama-0.85%
Alabama (State of) Economic Settlement Authority, Series 2016 A, RB		4.00%		09/15/2033	$	200	$	200,791
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB^(a)(b)		5.00%		09/01/2026		120		126,839
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB^(a)(b)		5.00%		09/01/2026		200		211,398
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB^(a)		5.00%		09/01/2026		20		21,075
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2026		50		52,873
Birmingham (City of), AL Special Care Facilities Financing Authority (Ascension Senior Credit Group), Series 2016, Ref. RB		5.00%		11/15/2046		150		151,161
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.^(a)(b)		5.00%		08/01/2026		60		63,033
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		3.63%		09/01/2041		20		17,634
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		125		127,259

								972,063

Alaska-0.13%
North Slope (Borough of), AK, Series 2021 C, GO Bonds		4.00%		06/30/2026		150		153,300

Arizona-1.07%
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2026		100		104,138
Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB		5.00%		07/01/2026		130		136,380
Arizona State University (Green Bonds), Series 2016 B, RB		5.00%		07/01/2042		200		204,302
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2026		30		31,136
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2026		30		31,406
Mesa (City of), AZ, Series 2017, Ref. RB		4.00%		07/01/2026		5		5,112
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2026		80		84,037
Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB		4.00%		10/01/2047		70		60,599
Phoenix Civic Improvement Corp., Series 2016, Ref. RB		5.00%		07/01/2033		20		20,930
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2026		25		26,241
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2029		50		52,394
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2030		50		52,380
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2032		10		10,471
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2033		100		104,650
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2034		25		26,121
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2026		70		73,629
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2026		5		5,248
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2026		70		72,923
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB		5.00%		01/01/2026		110		114,593

								1,216,690

California-17.60%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(c)		4.00%		10/01/2037		100		98,910
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB		4.00%		12/01/2034		25		25,377
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2026		20		20,986
California (State of), Series 2016, GO Bonds		5.00%		09/01/2029		25		26,417
California (State of), Series 2016, GO Bonds		3.00%		09/01/2046		5		3,988
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2029		700		739,672
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2031		400		409,367
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		420		441,853
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		180		189,366
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2033		100		105,183
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2034		735		749,667
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2035		500		506,665
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2026		235		249,447
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		150		157,566

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		230

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2034	$	500	$	524,918
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2036		100		104,679
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		210		222,530
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		15		15,755
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		350		360,907
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2029		150		157,363
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2026		75		79,475
California (State of), Series 2020, GO Bonds		3.00%		03/01/2026		100		99,654
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2026		400		425,324
California (State of), Series 2022, GO Bonds		5.00%		04/01/2026		20		20,981
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		105,559
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2030		25		26,353
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2033		210		220,592
California (State of) (Bid Group C), Series 2018, Ref. GO Bonds		5.00%		08/01/2026		50		52,798
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2028		75		79,990
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2029		10		10,634
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		4.00%		12/01/2034		10		10,292
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		4.00%		12/01/2035		10		10,227
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2026		175		186,414
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(a)(b)		5.00%		04/01/2026		20		20,996
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB		4.00%		03/01/2039		55		51,561
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2026		45		46,769
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB		5.00%		08/15/2033		95		100,210
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2035		70		70,717
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00%		08/15/2035		205		215,172
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2039		170		170,056
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00%		08/15/2055		150		151,629
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2035		105		105,121
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2036		100		99,191
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2047		25		22,529
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB^(a)(b)		5.00%		11/15/2026		40		42,551
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		5.00%		11/15/2046		60		61,367
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB^(a)		5.00%		07/01/2026		10		10,555
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2027		110		115,881
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2028		160		168,583
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2029		50		52,644
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2030		95		99,965
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2031		25		26,289
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2026		55		58,382
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB		5.00%		10/01/2044		200		202,245

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		231

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB		5.00%		10/15/2047	$	200	$	193,801
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2026		35		36,029
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2026		30		31,844
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2026		25		26,584
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2029		70		74,377
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		4.00%		11/01/2032		220		223,693
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2033		55		58,259
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB		4.00%		04/01/2032		55		55,900
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB		4.13%		03/01/2034		30		30,041
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB^(a)(b)		5.00%		02/15/2026		25		26,231
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2026		65		68,577
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2027		100		105,571
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2028		40		42,167
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2029		75		78,944
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2031		35		36,783
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2032		30		31,516
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2033		5		5,251
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2034		10		10,138
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2036		45		47,008
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		100		103,621
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		400		412,198
Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds		4.00%		08/01/2034		195		197,728
Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)^(c)		5.00%		08/01/2046		175		180,667
East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		02/01/2026		100		103,231
Eastern Municipal Water District, Series 2016 A, Ref. RB		5.00%		07/01/2042		125		129,645
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		10		10,571
Fresno Unified School District, Series 2002 A, Ref. GO Bonds, (INS - NATL)^(c)		6.00%		08/01/2026		20		20,640
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds		3.00%		08/01/2045		125		97,155
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)^(c)		3.50%		08/01/2037		45		41,689
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2036		250		260,958
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2038		25		25,893
Irvine Ranch Water District, Series 2016, RB		5.25%		02/01/2046		30		31,342
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2026		120		126,752
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2041		50		51,602
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		100		102,418
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00%		07/01/2027		15		15,687
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2026		25		26,203
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2027		10		10,467
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2030		40		41,839
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2031		25		26,153
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2026		215		227,221
Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB		5.00%		07/01/2026		250		263,839
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2026		50		52,842
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2030		200		211,193
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2031		90		94,923
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		60		63,264
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2034		35		36,859
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2035		10		10,497
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2026		25		26,379
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2026		50		52,856
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2026		50		52,856
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2026		35		36,940
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2036		45		47,374
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2038		5		5,232
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2034		75		76,847
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2035		20		20,394

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		232

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2036	$	20	$	20,276
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		105		110,797
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2026		375		396,734
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2026		500		526,674
Metropolitan Water District of Southern California, Series 2016 A, Ref. RB^(a)(b)		5.00%		01/01/2026		500		523,049
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB		5.00%		07/01/2026		150		158,610
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		5.00%		08/01/2041		100		103,451
Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds^(a)(b)		4.00%		09/01/2026		10		10,309
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB		4.00%		11/01/2036		25		25,175
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2029		250		265,048
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2030		195		206,830
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		4.00%		11/01/2035		100		101,264
Oakland Unified School District, Series 2016, Ref. GO Bonds		5.00%		08/01/2029		45		47,406
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2035		20		19,695
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2036		200		197,295
Palomar Health, Series 2016, Ref. RB		5.00%		11/01/2039		110		110,726
Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds		4.00%		08/01/2035		20		20,189
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2032		40		42,213
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2033		25		26,374
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2034		15		15,799
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		4.00%		05/15/2038		140		139,144
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2041		50		51,701
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB		5.00%		08/15/2026		20		21,172
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		30		30,947
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2026		125		132,572
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		5.00%		11/15/2026		75		77,984
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB		4.00%		05/15/2026		120		121,809
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2029		5		5,292
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2032		145		152,946
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2035		100		105,079
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2028		30		31,807
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2037		60		62,759
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2041		125		130,160
San Diego Community College District, Series 2016, Ref. GO Bonds^(a)(b)		4.00%		08/01/2026		115		118,906
San Diego Community College District, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		08/01/2026		10		10,617
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		106,108
San Diego Unified School District, Series 2005 C-2, Ref. GO Bonds, (INS - AGM)^(c)		5.50%		07/01/2026		35		37,411
San Diego Unified School District, Series 2016 1, Ref. GO Bonds		4.00%		07/01/2032		25		25,546
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds		5.00%		07/01/2029		130		137,778
San Diego Unified School District, Series 2016, Ref. GO Bonds		4.00%		07/01/2033		35		35,716
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB		5.00%		05/01/2026		5		5,256
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB		5.00%		05/01/2046		100		102,508
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2026		40		42,045
San Francisco (City & County of), CA Redevelopment Agency Successor Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)^(c)		5.00%		08/01/2041		150		153,970
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2028		20		21,322
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2026		150		153,671
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2026		30		31,602
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP		5.00%		12/01/2026		65		69,150
Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB		5.00%		06/01/2026		100		105,787
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2026		500		526,935
Santa Clara Valley Water District, Series 2023, COP		4.00%		06/01/2026		20		20,514
Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN		0.50%		03/01/2026		500		453,563
Stockton Unified School District, Series 2016, Ref. GO Bonds		5.00%		08/01/2031		20		20,807

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		233

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)^(c)		3.38%		08/01/2040	$	80	$	69,010
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2031		130		137,270
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		25		25,835
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2026		200		210,934
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2026		45		46,439
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2035		120		126,095
University of California (Limited), Series 2016 K, RB		4.00%		05/15/2036		55		55,482
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2051		300		309,343
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)^(c)		3.00%		08/01/2034		20		18,557
West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB		3.00%		04/01/2041		125		102,289

								20,081,763

Colorado-1.93%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds		5.00%		12/01/2030		125		132,268
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2028		100		105,314
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2030		150		157,779
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2026		20		21,196
Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB^(a)(b)		5.00%		08/01/2026		25		26,335
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2026		40		42,297
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2026		95		98,361
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB		5.00%		01/15/2035		190		195,189
Colorado (State of) Higher Education, Series 2014 A, Ref. COP		5.00%		11/01/2026		30		31,705
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2026		160		164,314
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB		5.00%		11/15/2026		30		31,720
Commerce (City of), CO, Series 2016, RB^(a)(b)		5.00%		08/01/2026		55		57,780
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2031		125		131,361
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2032		10		10,504
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP		5.38%		06/01/2043		215		221,673
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds		4.00%		12/01/2026		90		91,451
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2030		105		110,707
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2031		55		57,920
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2037		5		5,211
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2038		90		93,625
Eagle County School District No. Re50J, Series 2017, GO Bonds		5.00%		12/01/2035		100		104,401
Jefferson County School District R-1, Series 2012, Ref. GO Bonds		5.00%		12/15/2026		40		42,413
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds		5.00%		12/15/2032		105		110,780
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2026		55		57,664
Weld County School District No. RE-4, Series 2016, GO Bonds		5.25%		12/01/2041		100		103,302

								2,205,270

Connecticut-1.84%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2026		10		10,247
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2026		375		388,852
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2029		200		210,422
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2026		55		58,017
Connecticut (State of), Series 2018 C, GO Bonds		5.00%		06/15/2026		100		104,871
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2026		175		184,445
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2026		35		36,585
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2026		160		166,440
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2026		500		526,986
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2026		150		157,977
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2029		25		26,256
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2030		100		104,748
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		4.00%		09/01/2035		25		25,199
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB		5.00%		12/01/2045		100		101,005

								2,102,050

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		234

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-2.09%
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2030	$	135	$	141,357
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2031		30		31,421
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2032		175		183,193
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2041		500		514,139
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2033		10		10,542
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2034		275		289,298
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2036		635		661,860
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2041		15		15,495
District of Columbia, Series 2016 E, Ref. GO Bonds		5.00%		06/01/2031		85		89,687
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2030		15		15,642
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2031		15		15,631
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2032		55		57,257
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2036		250		259,010
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2026		100		105,425

								2,389,957

Florida-3.98%
Broward (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		07/01/2026		125		128,154
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2028		20		20,903
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2030		5		5,065
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2031		55		55,549
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		200		206,462
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2035		100		100,126
Florida (State of), Series 2015 E, Ref. GO Bonds		5.00%		06/01/2026		50		51,496
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2026		20		21,054
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2026		195		204,915
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2026		100		104,770
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP		5.00%		11/01/2026		140		147,914
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2026		80		83,790
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2028		75		78,478
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2029		40		41,807
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2031		35		36,416
Halifax Hospital Medical Center, Series 2016, Ref. RB		5.00%		06/01/2036		500		507,040
Hillsborough (County of), FL School Board (Master Lease Program), Series 2015 A, Ref. COP		5.00%		07/01/2026		120		122,715
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2026		15		15,268
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP		5.00%		02/01/2028		30		30,962
Miami-Dade (County of), FL, Series 2015 B, Ref. RB		5.00%		10/01/2026		25		25,761
Miami-Dade (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2026		100		103,113
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		30		31,353
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2030		40		41,825
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		75		78,258
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2032		10		10,429
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2033		35		36,501
Miami-Dade (County of), FL, Series 2016 A, Ref. RB		5.00%		10/01/2041		200		203,302
Miami-Dade (County of), FL, Series 2016, Ref. RB		5.00%		10/01/2030		5		5,207
Miami-Dade (County of), FL, Series 2016, Ref. RB		5.00%		10/01/2034		200		206,384
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB		5.00%		07/01/2029		125		128,937
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB		5.00%		07/01/2026		10		10,249
Miami-Dade (County of), FL Transit System, Series 2017, Ref. RB		4.00%		07/01/2038		15		14,993
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2026		190		199,000
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2035		235		243,647
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2036		50		51,588
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2039		10		10,212
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2033		10		10,520
Orange (County of), FL School Board, Series 2016 C, Ref. COP		3.38%		08/01/2034		10		9,722

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		235

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2034	$	10	$	10,506
Orange (County of), FL School Board, Series 2017, Ref. COP		5.00%		08/01/2026		50		52,442
Port St. Lucie (City of), FL, Series 2016, Ref. RB		5.00%		09/01/2029		20		20,849
Port St. Lucie (City of), FL, Series 2016, Ref. RB		4.00%		09/01/2031		600		602,304
Port St. Lucie (City of), FL, Series 2016, Ref. RB		4.00%		09/01/2033		5		5,017
Reedy Creek Improvement District, Series 2016, GO Bonds		5.00%		06/01/2035		200		205,015
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2026		10		10,413
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2027		50		52,140
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2028		25		26,076
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2032		20		20,761
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2035		100		103,330
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB		5.00%		10/01/2026		50		52,682

								4,545,420

Georgia-1.67%
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)^(c)		5.25%		10/01/2032		120		127,241
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		07/01/2046		100		101,124
Georgia (State of), Series 2013 D, GO Bonds^(a)(b)		5.00%		10/10/2023		90		90,137
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2026		70		74,320
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2026		195		203,529
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2026		200		210,535
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2026		100		102,302
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2026		30		31,580
Georgia (State of) Municipal Electric Authority (No. 1), Series 2016 A, Ref. RB		5.00%		01/01/2028		25		25,835
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2026		70		73,447
Gwinnett County School District, Series 2022 B, GO Bonds		5.00%		08/01/2026		30		31,644
Henry County School District, Series 2016, GO Bonds^(a)(b)		4.00%		08/01/2026		50		51,150
Henry County School District, Series 2016, GO Bonds^(a)(b)		4.00%		08/01/2026		10		10,230
Henry County School District, Series 2016, GO Bonds		5.00%		08/01/2026		40		42,090
Henry County School District, Series 2016, GO Bonds		4.00%		08/01/2028		15		15,319
Main Street Natural Gas, Inc., Series 2007 A, RB		5.50%		09/15/2026		170		174,673
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2026		75		78,888
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2028		25		26,389
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2029		75		78,955
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2030		35		36,811
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		50		52,508
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		35		36,661
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		4.00%		10/01/2038		60		60,394
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		5.00%		10/01/2038		100		103,043
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB^(a)(b)		5.00%		05/01/2026		65		68,120

								1,906,925

Hawaii-0.77%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2026		65		67,181
Hawaii (State of), Series 2016 FB, GO Bonds		4.00%		04/01/2026		40		40,800
Hawaii (State of), Series 2016 FB, GO Bonds		4.00%		04/01/2028		75		76,632
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2028		75		79,081
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2031		85		89,396
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		5.00%		10/01/2026		85		89,637
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		4.00%		10/01/2031		125		126,633
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2026		100		105,455
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2026		90		94,786
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2026		45		46,928
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds		5.00%		03/01/2026		60		62,570

								879,099

Illinois-5.51%
Chicago (City of), IL, Series 1999, RB		5.00%		11/01/2030		175		179,615
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2038		100		100,479

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		236

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2026	$	90	$	91,468
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2026		20		20,767
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2028		80		82,941
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2029		10		10,345
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2030		60		62,017
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2034		220		226,923
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2036		50		51,326
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2038		100		101,913
Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB		5.00%		01/01/2026		55		57,108
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2026		75		79,035
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2029		190		199,848
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046		250		252,146
Chicago (City of), IL Transit Authority, Series 2017, RB		5.00%		12/01/2046		25		25,334
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2026		135		141,439
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2028		40		41,651
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2029		100		104,036
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2030		20		20,795
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2031		500		520,028
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2026		145		148,729
Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)^(c)		4.00%		06/15/2028		15		14,995
Illinois (State of), Series 2016, GO Bonds		4.00%		01/01/2031		85		84,386
Illinois (State of), Series 2016, GO Bonds		4.13%		11/01/2031		190		190,183
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2032		100		102,606
Illinois (State of), Series 2016, GO Bonds		5.00%		01/01/2033		100		101,935
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2033		25		25,608
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2034		485		493,842
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2026		400		415,802
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2026		75		77,883
Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB		5.00%		03/01/2030		150		155,134
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2026		215		222,685
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2016 A, Ref. RB		5.00%		02/15/2045		360		363,339
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		4.00%		07/01/2026		120		122,096
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		55		57,306
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2036		55		56,270
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2040		120		122,337
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		4.00%		12/01/2031		60		61,003
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		170		175,278
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		130		134,172
Illinois (State of) Toll Highway Authority, Series 2016 B, RB		5.00%		01/01/2041		150		153,483
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2026		160		166,170
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2026		105		109,049
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		12/01/2041		75		77,864
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)^(c)		5.00%		12/01/2046		140		143,146
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2026		35		36,033
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2026		30		30,886
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2026		60		60,716
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds		4.00%		01/01/2026		15		15,185

								6,287,335

Indiana-1.76%
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		07/15/2032		250		259,582
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB		5.00%		02/01/2026		500		520,688
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		01/01/2042		615		626,614

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		237

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana-(continued)
Indiana University, Series 2016 A, Ref. RB		5.00%		06/01/2028	$	25	$	26,157
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2026		545		573,584

								2,006,625

Iowa-0.12%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2026		45		47,402
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB		5.00%		12/01/2041		90		92,889

								140,291

Kansas-0.26%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2026		145		152,162
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds		4.00%		09/01/2031		70		71,159
Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds^(a)(b)		5.50%		09/01/2026		65		69,511

								292,832

Kentucky-0.52%
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2026		235		246,192
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB		5.00%		07/01/2028		50		52,035
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2026		20		20,866
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2029		35		36,067
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2030		210		216,509
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2032		20		20,616

								592,285

Louisiana-0.43%
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2026		200		209,711
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2026		40		42,057
Louisiana Public Facilities Authority, Series 2016, Ref. RB		5.00%		05/15/2047		75		75,257
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB		5.00%		06/01/2026		150		156,462
Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)^(c)		4.00%		12/01/2037		5		4,902

								488,389

Maine-0.05%
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB		5.00%		09/01/2026		50		52,674

Maryland-1.79%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2026		45		46,996
Maryland (State of), Second Series 2018 B, GO Bonds		5.00%		08/01/2026		25		26,363
Maryland (State of), Series 2015 B, Ref. GO Bonds		4.00%		08/01/2026		175		179,514
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2026		40		42,181
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2026		65		68,544
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2026		100		104,635
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2026		105		110,726
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2026		150		158,179
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		05/01/2026		35		35,937
Maryland (State of) Department of Transportation, Series 2018, RB		5.00%		10/01/2029		10		10,573
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2026		165		174,298
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2028		250		264,635
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB^(a)(b)		5.00%		05/01/2026		500		523,352
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2026		35		36,795
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2026		100		105,786
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2026		60		63,577
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2026		70		73,728
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2026		20		19,844

								2,045,663

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		238

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-4.10%
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029	$	10	$	10,541
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		40		42,031
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2032		50		52,521
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB		5.00%		06/01/2026		5		5,266
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2026		85		89,595
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		4.00%		07/01/2033		15		15,249
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2034		60		62,946
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2036		100		104,171
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2038		110		113,748
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds		5.00%		04/01/2026		150		157,281
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2032		10		10,203
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2034		30		30,402
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2035		85		85,796
Massachusetts (Commonwealth of), Series 2016 H, GO Bonds		5.00%		12/01/2026		105		111,647
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds		5.00%		12/01/2035		10		10,501
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		5.00%		12/01/2037		75		78,141
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2026		25		26,352
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2026		240		254,755
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2026		20		21,081
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds		5.00%		09/01/2026		125		132,234
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2026		115		119,959
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2026		200		210,071
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB		5.00%		06/01/2041		30		30,896
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2026		100		105,517
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2026		20		21,142
Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB		5.00%		07/01/2040		175		178,074
Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB		5.00%		10/01/2046		250		252,220
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB		5.00%		07/01/2037		220		222,906
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00%		07/01/2028		10		10,378
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2031		30		31,805
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2033		300		317,372
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		4.00%		07/15/2036		10		10,102
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2026		300		317,971
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2031		250		260,666
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2041		200		204,374
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2047		50		50,728
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2035		15		15,736
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2036		10		10,447
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2046		40		41,122
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB		4.00%		11/15/2035		200		201,209
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB^(a)(b)		5.00%		02/15/2026		250		260,867
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2018, Ref. RB		5.00%		01/01/2026		65		67,862
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2026		70		72,795
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB^(a)(b)		5.00%		08/01/2026		160		168,816

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		239

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB		5.00%		08/01/2028	$	10	$	10,553
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB		4.00%		08/01/2036		75		75,311

								4,683,360

Michigan-2.78%
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2030		185		193,321
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.25%		07/01/2033		150		157,996
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2030		500		520,457
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2036		30		31,043
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2026		75		78,268
Michigan (State of), Series 2017 A, Ref. GO Bonds		5.00%		05/01/2026		50		52,309
Michigan (State of), Series 2018, GO Bonds		4.00%		05/01/2029		10		10,187
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2026		115		119,902
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2031		40		42,009
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2032		20		20,982
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2033		40		41,975
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		04/15/2035		35		36,746
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB		5.00%		10/15/2046		150		153,873
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2026		500		527,875
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2037		500		510,114
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		4.00%		11/15/2046		165		151,006
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB		5.00%		12/01/2045		15		15,151
Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB		5.00%		11/15/2047		45		45,364
Oakland University Board of Trustees, Series 2016, RB		5.00%		03/01/2047		150		151,656
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)^(c)		4.00%		05/01/2045		20		18,751
University of Michigan, Series 2015, Ref. RB^(a)(b)		5.00%		04/01/2026		125		130,972
University of Michigan, Series 2015, Ref. RB^(a)(b)		5.00%		04/01/2026		75		78,584
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2026		75		78,451

								3,166,992

Minnesota-0.77%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2026		25		26,004
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2026		500		529,231
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2026		85		89,969
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2026		100		104,576
St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB		3.25%		05/01/2039		100		82,166
University of Minnesota, Series 2016 A, RB		5.00%		04/01/2041		50		51,245

								883,191

Mississippi-0.50%
Mississippi (State of), Series 2016 B, GO Bonds^(a)(b)		5.00%		12/01/2026		80		84,836
Mississippi (State of), Series 2016 B, GO Bonds^(a)(b)		5.00%		12/01/2026		45		47,720
Mississippi (State of), Series 2018 A, GO Bonds^(a)(b)		5.00%		11/01/2026		125		132,143
Mississippi (State of), Series 2018 A, GO Bonds		4.00%		11/01/2038		100		99,154
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB		5.00%		09/01/2041		200		200,999

								564,852

Missouri-0.72%
Hazelwood School District, Series 2017 A, Ref. GO Bonds		3.00%		03/01/2029		35		34,474
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2026		40		41,847
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2026		55		57,934
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB		5.00%		07/01/2026		15		15,460
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2029		75		77,458

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		240

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2030	$	15	$	15,499
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2031		55		56,839
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		4.00%		11/15/2033		15		15,062
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2026		190		199,518
Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB		5.00%		11/01/2026		20		21,180
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2032		25		25,276
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2033		50		50,767
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2035		95		95,746
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		5.00%		12/01/2040		80		80,955
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds		5.00%		02/01/2026		35		36,473

								824,488

Nebraska-0.25%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2028		60		62,535
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB		3.00%		05/15/2046		310		227,859

								290,394

Nevada-0.90%
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2026		150		158,479
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		4.00%		11/01/2032		20		20,370
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB		5.00%		07/01/2026		45		47,233
Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds		4.00%		07/01/2035		250		252,055
Clark County School District, Series 2015 C, Ref. GO Bonds		5.00%		06/15/2026		25		25,860
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2026		95		99,241
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2038		200		205,905
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2041		40		41,108
Nevada (State of), Series 2015 D, Ref. GO Bonds		5.00%		04/01/2026		25		25,644
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2026		90		94,141
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2028		50		52,261
Truckee Meadows Water Authority, Series 2016, Ref. RB		5.00%		07/01/2032		5		5,205

								1,027,502

New Jersey-2.82%
Bayonne (City of), NJ, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		07/01/2026		135		141,962
New Jersey (State of), Series 2014, GO Bonds		5.00%		06/01/2026		30		30,859
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2026		150		156,983
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB^(a)(b)		5.50%		12/15/2026		445		478,378
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB		5.00%		11/01/2026		200		209,419
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB		5.00%		07/01/2031		145		151,100
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00%		07/01/2032		5		5,054
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		5.00%		07/01/2033		10		10,472
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2029		65		68,347
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2030		15		15,778
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2031		45		47,192
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2043		280		284,684
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2028		125		130,199
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2030		300		312,232
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2031		200		207,935
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2026		510		535,048
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2026		165		171,716

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		241

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2034	$	240	$	248,184
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2035		15		15,485

								3,221,027

New Mexico-0.22%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2026		240		250,573

New York-16.15%
Albany (County of), NY, Series 2018, GO Bonds		4.00%		04/01/2029		5		5,128
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		100		98,621
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		4.00%		07/01/2041		185		160,404
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB		5.00%		05/01/2026		10		10,364
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB		5.00%		05/01/2030		20		21,007
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2026		85		88,790
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2036		160		166,605
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2046		500		513,352
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)^(c)		5.25%		11/15/2026		350		371,312
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		4.00%		11/15/2026		60		61,977
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2029		65		68,891
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2034		15		15,870
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2035		30		31,671
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2034		15		15,427
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2035		20		20,503
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2037		750		763,898
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2029		5		5,164
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2030		75		77,386
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		4.00%		11/15/2033		145		145,026
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2026		160		166,250
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2026		300		311,719
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2046		200		205,628
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2051		100		102,516
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2026		65		66,760
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB		5.00%		11/15/2046		25		25,426
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB		5.25%		11/15/2056		100		102,802
New York (City of), NY, Series 2008 J-10, GO Bonds		5.00%		08/01/2026		45		47,377
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		45		46,329
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2029		45		47,153
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2041		135		138,868
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2026		375		387,963
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2027		100		103,410
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2028		65		67,186
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2029		55		56,837
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2031		25		25,812
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2026		130		136,866
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2028		25		26,059
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2029		50		52,103
New York (City of), NY, Series 2016 E, Ref. GO Bonds		4.00%		08/01/2033		35		35,684
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2026		80		84,225
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2026		80		84,225
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2026		150		156,608
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2026		10		10,528
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2029		555		568,239
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2030		20		20,830
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2031		45		46,842
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2032		35		35,702
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2035		25		25,236
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2038		500		513,783

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		242

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB		5.00%		06/15/2047	$	195	$	201,524
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2026		90		94,801
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2037		415		434,349
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2038		100		104,284
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB		4.00%		06/15/2033		25		25,653
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB		4.00%		06/15/2037		30		30,230
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB		5.00%		05/01/2040		35		35,942
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2028		10		10,393
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2030		40		41,573
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2035		100		103,449
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		200		204,298
New York (City of), NY Transitional Finance Authority, Series 2016, RB		4.00%		05/01/2030		25		25,588
New York (City of), NY Transitional Finance Authority, Series 2016, RB		5.00%		05/01/2035		100		103,636
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2026		30		31,788
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2026		435		460,934
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2026		30		31,305
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2029		250		261,927
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2030		655		686,248
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2033		200		209,202
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2030		245		254,330
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2031		350		363,328
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2035		185		190,963
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2037		195		200,288
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2038		40		41,038
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2039		250		256,201
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB		5.00%		02/01/2030		135		140,141
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB		4.00%		02/01/2033		5		5,085
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB		5.00%		12/01/2026		30		31,605
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2029		30		30,792
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2031		235		241,161
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		5.00%		03/15/2026		350		360,581
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2029		50		52,568
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2032		100		104,543
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2033		40		42,043
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2033		305		318,676
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2036		10		10,448
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2041		210		217,553
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB		5.00%		02/15/2026		35		36,502
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB		5.00%		02/15/2028		50		52,540
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2026		100		104,291
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		10		10,496
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB^(a)		5.00%		02/15/2026		35		36,488
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2026		15		15,644
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2026		140		145,603
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2026		60		63,273
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2030		155		162,805
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB^(a)		5.00%		03/15/2026		35		36,591
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2026		125		131,818
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB^(a)		5.00%		03/15/2026		15		15,704
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2026		5		5,240
New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB		5.00%		10/01/2026		320		339,191
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB^(a)(b)		5.00%		09/15/2026		265		280,683
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB		5.00%		03/15/2028		225		235,749
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2033		350		364,964
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2036		150		155,757

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		243

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2039	$	140	$	144,537
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2026		20		21,065
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2035		15		15,480
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		265		269,510
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2051		200		202,961
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2032		25		26,218
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2034		150		156,981
New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB		5.00%		12/15/2034		150		156,981
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB		5.00%		11/15/2046		150		152,364
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2028		35		36,724
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2029		55		57,709
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2030		30		31,469
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2032		225		235,838
New York State Urban Development Corp., Series 2016 A, Ref. RB^(a)(b)		5.00%		03/15/2026		580		606,363
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2026		50		52,218
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2028		95		98,768
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2029		30		31,183
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2033		135		140,123
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2034		215		222,894
New York State Urban Development Corp., Series 2016 A, Ref. RB		4.00%		03/15/2036		40		40,365
New York State Urban Development Corp., Series 2017 C-1, Ref. RB		5.00%		03/15/2026		20		20,887
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2026		75		78,327
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2031		500		522,833
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		500		514,358
Westchester (County of), NY, Series 2018 A, GO Bonds		4.00%		12/01/2029		100		103,540

								18,431,865

North Carolina-1.34%
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2026		50		53,086
North Carolina (State of), Series 2013 C, Ref. GO Bonds		5.00%		05/01/2026		45		47,207
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2026		30		31,461
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2026		90		94,576
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2026		40		41,879
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2026		325		341,525
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2026		30		31,409
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2026		65		67,784
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2026		15		15,841
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2044		55		56,980
North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB^(a)		6.00%		01/01/2026		25		26,358
North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB		5.00%		11/01/2037		150		151,867
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB		5.00%		01/01/2026		125		129,367
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB		5.00%		01/01/2028		35		36,049
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2028		100		103,612
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2029		50		51,740
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB		5.00%		07/01/2054		250		251,417

								1,532,158

Ohio-2.10%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2026		145		151,018
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		100		101,166
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		12/01/2026		25		26,687
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2029		100		105,132
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2030		25		26,135

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		244

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2032	$	15	$	15,657
Columbus (City of), OH, Series 2016 A, GO Bonds		4.00%		08/15/2026		200		202,509
Columbus (City of), OH, Series 2016-1, Ref. GO Bonds		5.00%		07/01/2026		135		142,074
Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		100		104,301
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		5.00%		12/01/2026		25		26,377
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2026		35		36,949
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2029		95		99,954
Hamilton (County of), OH, Series 2016 A, Ref. RB		4.00%		12/01/2031		45		45,468
Miami University, Series 2017, Ref. RB		5.00%		09/01/2041		50		51,363
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2031		70		73,202
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2026		15		15,832
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2026		5		5,264
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2031		100		103,967
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2033		125		129,694
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2033		15		15,622
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2034		30		31,105
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2034		40		41,581
Ohio (State of) (Garvee), Series 2016 1, RB		5.00%		12/15/2028		45		47,163
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2027		40		41,955
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB		5.00%		01/15/2041		335		336,484
Ohio (State of) Water Development Authority, Series 2016 A, RB		5.00%		12/01/2032		200		209,685
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2026		5		5,304
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB		5.00%		06/01/2026		45		47,252
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB		5.00%		12/01/2026		25		26,519
University of Cincinnati, Series 2016 C, RB		5.00%		06/01/2046		125		127,290

								2,392,709

Oklahoma-0.99%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		5.00%		09/01/2026		50		52,295
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2026		10		10,423
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2029		15		15,796
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		45		47,206
Grand River Dam Authority, Series 2016 A, Ref. RB		4.00%		06/01/2033		600		605,383
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2037		190		194,968
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		170		173,194
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB		5.00%		09/01/2026		25		25,768

								1,125,033

Oregon-0.47%
Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		06/15/2032		25		25,505
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2026		80		83,897
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2026		40		42,014
Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds		5.00%		05/01/2029		30		31,385
Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB		5.00%		06/01/2046		100		100,791
Oregon Health & Science University, Series 2016 B, Ref. RB		5.00%		07/01/2036		160		165,466
Portland Community College District, Series 2018, GO Bonds		5.00%		06/15/2029		25		26,202
University of Oregon, Series 2016 A, RB		5.00%		04/01/2046		60		61,390

								536,650

Pennsylvania-4.25%
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds		4.00%		11/01/2032		65		66,260
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2026		100		103,870
Chester (County of), PA, Series 2016 A, Ref. GO Bonds		4.00%		07/15/2028		45		46,270
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB		5.00%		08/15/2042		140		142,456
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2026		50		52,325
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB		4.00%		07/01/2035		100		98,232
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB		3.00%		10/01/2037		100		85,377

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		245

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2026	$	65	$	67,246
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB		5.00%		08/15/2046		10		10,002
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2026		35		35,788
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		5.00%		02/01/2029		300		313,670
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		4.00%		02/01/2032		200		202,130
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2026		130		135,309
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2026		30		31,432
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds		3.25%		08/15/2026		515		510,894
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2028		300		316,438
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2030		65		65,889
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2032		10		10,127
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB		4.00%		03/15/2033		25		25,119
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB		4.00%		08/15/2031		500		507,894
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2026		110		116,092
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2028		35		37,003
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2030		155		162,542
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2032		230		241,863
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		4.00%		12/01/2034		35		35,357
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2034		60		62,485
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2035		150		155,644
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2036		45		46,528
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2041		25		25,471
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2046		60		61,212
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		4.00%		06/01/2033		145		146,571
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2026		40		41,210
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		12/01/2030		100		106,032
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)^(c)		4.00%		12/01/2037		385		383,577
Pennsylvania State University (The), Series 2016 A, RB		5.00%		09/01/2041		200		206,249
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2026		145		151,836
Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)^(c)		5.00%		09/01/2026		45		47,288

								4,853,688

Rhode Island-0.16%
Rhode Island (State of), Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		20		20,640
Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB		5.00%		10/01/2040		40		40,755
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2026		50		52,246
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2030		40		41,458
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		25		25,384

								180,483

South Carolina-0.60%
South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB		5.25%		08/15/2046		65		65,751
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2029		225		232,070
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		150		154,406
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		145		149,008
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		4.00%		12/01/2056		20		17,337
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2026		65		68,545

								687,117

Tennessee-0.91%
Clarksville (City of), TN, Series 2016, Ref. RB^(a)(b)		5.00%		02/01/2026		45		46,926
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		5.00%		07/01/2026		100		102,984
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2026		50		52,030
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		07/01/2026		100		105,157

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		246

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.75%		07/01/2026	$	20	$	20,859
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2029		35		36,407
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2040		200		202,717
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		225		226,581
Tennessee (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		100		105,468
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2026		35		37,011
Tennessee Energy Acquisition Corp., Series 2006 A, RB		5.25%		09/01/2026		30		30,436
Tennessee Energy Acquisition Corp., Series 2006 B, RB		5.63%		09/01/2026		75		76,469

								1,043,045

Texas-9.02%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		150		152,953
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		40		40,827
Austin (City of), TX, Series 2021, Ref. RB		5.00%		11/15/2026		15		15,837
Bexar (County of), TX, Series 2017, Ref. GO Bonds^(a)(b)		5.00%		06/15/2026		60		62,864
Bexar (County of), TX, Series 2017, Ref. GO Bonds^(a)(b)		5.00%		06/15/2026		220		230,501
Bexar (County of), TX, Series 2017, Ref. GO Bonds		5.00%		06/15/2028		500		522,297
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2026		135		141,974
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2028		125		131,355
Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB		5.00%		08/15/2026		35		36,808
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		100		104,291
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2026		160		164,622
Dallas (City of), TX, Series 2016 A, Ref. RB		4.00%		10/01/2041		25		24,329
Dallas (City of), TX, Series 2017, Ref. GO Bonds		5.00%		02/15/2026		500		520,256
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		5.00%		12/01/2032		45		47,149
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		4.00%		12/01/2036		100		100,226
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2026		30		31,051
Denton (City of), TX, Series 2017, RB		5.00%		12/01/2035		165		170,263
El Paso (City of), TX, Series 2016, GO Bonds		5.00%		08/15/2042		100		102,226
El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2037		150		155,530
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		75		78,146
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2026		155		158,885
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2030		30		31,267
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2031		60		62,500
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2036		95		97,832
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2028		30		31,571
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2029		5		5,260
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB		5.00%		08/15/2026		125		131,457
Houston (City of), TX, Series 2016 B, Ref. RB		4.00%		11/15/2031		300		303,733
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2032		80		84,199
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2033		45		47,299
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2036		140		145,397
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2026		200		207,256
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2026		25		26,347
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2026		60		62,845
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		20		20,825
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		145		151,122
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		185		192,634

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		247

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033	$	55	$	55,640
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		110		114,772
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2026		25		25,204
Lone Star College System, Series 2016, Ref. GO Bonds		4.00%		02/15/2032		45		45,618
Lone Star College System, Series 2016, Ref. GO Bonds		5.00%		02/15/2033		25		25,764
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2026		150		155,984
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $104,640)^(d)(e)		5.00%		07/02/2046		100		68,500
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $208,449)^(d)(e)		5.00%		07/03/2051		200		137,000
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/01/2026		30		31,322
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2026		30		30,474
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		150		155,923
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2030		100		103,838
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2031		80		83,008
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2032		10		10,366
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039		5		5,099
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031		120		124,248
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations		5.00%		03/01/2030		630		656,604
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2026		35		36,933
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		85		88,609
San Antonio (City of), TX, Series 2015, RB		4.00%		02/01/2033		50		50,200
San Antonio (City of), TX, Series 2015, Ref. RB		5.00%		02/01/2026		70		72,797
San Antonio (City of), TX, Series 2015, Ref. RB		3.13%		02/01/2028		75		73,444
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2026		210		218,392
San Antonio (City of), TX, Series 2016, Ref. RB		4.00%		02/01/2028		30		30,333
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2030		20		20,946
San Antonio (City of), TX, Series 2016, Ref. RB		4.00%		02/01/2032		125		125,770
San Antonio (City of), TX, Series 2018 A, RB		5.00%		02/01/2026		30		31,199
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2026		130		131,790
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2031		15		15,644
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2032		20		20,832
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB		5.00%		05/15/2036		100		103,835
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		5.00%		11/15/2029		135		140,629
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		5.00%		11/15/2028		35		36,460
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		4.00%		11/15/2034		95		95,514
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB		5.00%		02/15/2041		250		254,953
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB		5.00%		02/15/2034		20		20,801
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2026		200		208,447
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2038		250		258,849
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2029		20		20,893
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2031		140		146,006
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2037		30		31,092
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2026		85		89,586
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2035		400		401,323
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2028		100		101,826
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2029		30		30,532
Trinity River Authority, Series 2016, Ref. RB		5.00%		08/01/2026		500		524,137

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		248

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2030	$	75	$	77,727
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2036		395		407,024

								10,289,821

Utah-0.32%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB		3.00%		05/15/2047		95		71,534
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2026		160		168,384
Utah (State of) Transit Authority, Series 2016, Ref. RB		3.00%		12/15/2028		125		122,362

								362,280

Vermont-0.07%
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB		5.00%		12/01/2036		80		81,617

Virginia-2.17%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2046		255		257,634
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds^(a)(b)		5.00%		04/01/2026		100		104,626
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds		4.00%		10/01/2027		95		97,208
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2030		120		125,012
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2031		20		20,833
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB^(a)		5.00%		07/01/2026		770		808,641
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		100		105,196
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		25		26,299
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		10		10,520
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		40		42,079
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2026		20		20,861
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2028		40		41,480
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2030		20		20,786
Richmond (City of), VA, Series 2016, Ref. RB		4.00%		01/15/2037		150		150,664
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds		5.00%		06/01/2026		25		25,782
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2028		85		89,322
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2029		65		68,438
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2026		70		73,012
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2026		35		36,506
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2026		30		31,576
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2026		80		83,906
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2026		225		235,204

								2,475,585

Washington-3.32%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2035		145		151,706
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2026		10		10,581
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2026		20		21,020
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2028		50		52,488
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2026		10		10,510
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2026		295		310,049
King (County of), WA, Series 2016 A, Ref. RB		4.00%		07/01/2035		600		604,735
King (County of), WA, Series 2016 B, Ref. RB		5.00%		07/01/2028		100		104,839
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2030		50		50,908
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2032		125		126,918
King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2026		40		41,460
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		25		26,355

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		249

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2029	$	25	$	25,512
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		40		42,180
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		15		15,875
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		100		105,577
King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2032		30		31,494
North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2026		45		47,663
Seattle (City of), WA, Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		20		20,591
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2026		70		72,929
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2030		35		36,257
University of Washington, Series 2016 A, Ref. RB		5.25%		12/01/2046		200		207,148
Washington (State of), Series 2016 A, GO Bonds		5.00%		08/01/2031		160		167,286
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2026		250		259,678
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2029		40		41,567
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2029		10		10,489
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		10		10,373
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		40		41,855
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2031		55		57,017
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2032		100		103,508
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2032		50		52,178
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		07/01/2032		30		31,052
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2026		90		93,915
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2028		395		414,664
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2030		25		26,160
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2032		280		292,198
Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB		5.00%		10/01/2040		70		70,160

								3,788,895

Wisconsin-1.30%
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2026		40		41,899
Wisconsin (State of), Series 2018 A, RB		5.00%		06/01/2026		200		209,955
Wisconsin (State of), Series 2019 A, Ref. RB^(a)		5.00%		05/01/2026		60		62,880
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2026		125		131,099
Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB		5.00%		07/01/2026		70		72,010
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB		5.00%		07/01/2026		20		21,031
Wisconsin (State of) Department of Transportation, Series 2017, Ref. RB		5.00%		07/01/2026		85		89,383
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB^(a)(b)		3.13%		05/15/2026		25		24,963
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2033		25		25,196
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2035		240		240,306
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.50%		11/15/2039		100		100,386
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		5.00%		11/15/2039		350		355,329
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB		4.00%		11/15/2032		10		10,097

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		250

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041	$	65	$	65,740
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2046		30		30,208

								1,480,482

TOTAL INVESTMENTS IN SECURITIES^(f)-98.60% (Cost $115,124,646)								112,532,438
OTHER ASSETS LESS LIABILITIES-1.40%								1,602,392

NET ASSETS-100.00%							$	114,134,830

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes
Wts.		-Warrants

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $205,500, which represented less than 1% of the Fund’s Net Assets.

^(e)	Restricted security. The aggregate value of these securities at August 31, 2023 was $205,500, which represented less than 1% of the Fund’s Net Assets.

^(f)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		251

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.70%
Alabama-1.02%
Alabama (State of), Series 2016 C, Ref. GO Bonds		5.00%		08/01/2027	$	25	$	26,329
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)(b)		4.00%		09/01/2027		70		72,629
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)(b)		5.00%		09/01/2027		75		80,618
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2027		25		26,872
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)(b)		5.00%		09/01/2027		75		80,618
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2027		60		64,698
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB^(a)(b)		5.00%		01/01/2027		75		79,545
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB^(a)(b)		5.00%		01/01/2027		65		68,939
Jefferson (County of), AL, Series 2017, Ref. Revenue Wts		5.00%		09/15/2030		150		156,305
Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.^(a)(b)		4.00%		02/01/2027		260		268,291

								924,844

Arizona-1.60%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2027		100		106,671
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2027		100		105,752
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2031		80		83,594
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2034		105		109,491
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2035		225		234,237
Phoenix (City of), AZ, Series 2022, Ref. GO Bonds		5.00%		07/01/2027		10		10,705
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2032		175		186,185
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2027		40		41,926
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2027		315		334,396
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2034		90		95,395
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2036		140		147,442

								1,455,794

California-18.41%
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)^(c)		5.00%		09/01/2036		200		208,965
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB^(a)(b)		5.00%		04/01/2027		35		37,613
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		10		9,680
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2027		25		26,796
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2029		125		129,435
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2032		155		159,017
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2035		275		280,052
California (State of), Series 2017, GO Bonds		5.00%		08/01/2031		425		456,197
California (State of), Series 2017, GO Bonds		4.00%		11/01/2032		10		10,311
California (State of), Series 2017, GO Bonds		5.00%		11/01/2047		140		147,125
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2027		15		15,879
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2029		80		86,086
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2029		245		264,791
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2030		605		649,052
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2030		60		64,640
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2032		25		25,779
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		65		69,711
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2034		25		25,657
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2035		385		411,934
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2037		20		21,285
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2027		415		444,815
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2027		180		194,577
California (State of), Series 2020, GO Bonds		3.00%		03/01/2027		370		369,780

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		252

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2020, GO Bonds		5.00%		11/01/2027	$	75	$	81,208
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2027		250		269,799
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2027		290		314,528
California (State of), Series 2022, GO Bonds		5.00%		04/01/2027		25		26,796
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		100		105,489
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2027		45		47,636
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB^(a)(b)		5.00%		12/01/2027		15		16,319
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB		5.00%		12/01/2030		150		163,574
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB		5.00%		12/01/2032		50		54,636
California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB		5.00%		04/01/2042		250		255,315
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00%		08/15/2047		600		600,466
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB		5.00%		11/01/2027		435		472,963
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2031		50		54,037
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2033		50		53,968
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2036		40		42,613
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040		50		49,639
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2034		100		106,614
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2038		250		261,156
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2048		200		204,512
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2033		15		16,049
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2035		60		63,547
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2036		30		31,582
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2027		30		32,219
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2029		10		10,767
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		100		101,045
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00%		07/01/2042		150		150,611
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2029		250		270,604
California (State of) Public Works Board, Series 2022 C, Ref. RB		5.00%		08/01/2027		5		5,402
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2027		40		42,475
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2027		10		10,860
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2028		40		43,101
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2031		15		16,097
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2032		150		160,866
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2035		65		69,301
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		55		57,968
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		110		114,973
Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)^(c)		5.00%		08/01/2051		270		278,536
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds^(a)(b)		5.00%		08/01/2027		15		16,263
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2029		65		69,806
Desert Community College District, Series 2017, Ref. GO Bonds		5.00%		08/01/2033		60		64,513
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2031		25		27,044
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2032		45		48,657
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2034		150		162,174
Eastern Municipal Water District Financing Authority, Series 2017 D, RB		5.00%		07/01/2047		100		104,692
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2046		180		186,537
Fairfield (City of), CA, Series 2017, Ref. RB		5.00%		04/01/2042		85		88,350
Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds		5.25%		08/01/2042		100		105,675
Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds		7.00%		08/01/2034		60		69,695
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		55		53,731
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.00%		06/01/2030		100		107,664
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2027		30		32,414

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		253

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2042	$	150	$	156,220
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2047		200		207,088
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00%		07/01/2044		300		311,722
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.25%		07/01/2044		150		157,261
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2028		35		37,379
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2031		75		80,295
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2034		25		26,714
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2027		100		107,949
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2027		60		62,653
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2038		210		222,372
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2042		200		209,749
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2027		175		188,757
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2027		10		10,806
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2029		35		37,847
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2027		5		5,403
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2027		275		296,619
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2027		160		172,598
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2027		55		59,331
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2027		15		16,181
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2027		55		59,331
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		45		42,960
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2027		10		10,787
Richmond (City of), CA, Series 2017 A, Ref. RB		5.25%		08/01/2047		150		157,295
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2029		15		16,267
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2030		25		27,116
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2032		75		81,254
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2038		200		211,667
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2027		45		48,727
Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB		5.00%		08/15/2027		10		10,828
San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds^(a)(b)		4.00%		08/16/2027		25		26,090
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		1.80%		11/15/2027		35		32,067
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2027		45		47,513
San Diego Unified School District, Series 2017 I, GO Bonds		4.00%		07/01/2035		25		25,615
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		215		206,574
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00%		05/01/2047		500		516,526
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2027		45		47,945
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2027		10		10,869
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2030		40		43,526
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2034		15		14,203
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB		4.00%		07/01/2036		250		253,606
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2047		90		94,095
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2042		10		10,365
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		08/01/2034		80		86,074
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		08/01/2035		200		214,378
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds		4.00%		08/01/2042		100		98,497
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2031		285		307,230
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2027		500		536,978
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB		4.00%		07/01/2047		20		19,333
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2027		40		42,672
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB		5.00%		01/01/2046		130		134,635
University of California, Series 2017 AV, RB		5.00%		05/15/2042		350		367,844
University of California, Series 2017 AV, RB		5.25%		05/15/2042		30		31,798
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2031		85		91,367
University of California, Series 2017 AY, Ref. RB		4.00%		05/15/2033		30		30,842
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2031		30		32,204

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		254

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2032	$	5	$	5,354
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2047		350		365,469
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2052		100		103,975

								16,734,483

Colorado-1.02%
Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds		5.00%		12/01/2042		215		224,396
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2027		85		93,589
Board of Trustees of the Colorado School of Mines, Series 2017 B, RB		5.00%		12/01/2047		100		103,609
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2027		45		48,412
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2040		25		25,849
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2027		40		43,181
Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB		5.00%		11/01/2034		100		106,373
Colorado Springs (City of), CO, Series 2017 A-2, RB		5.00%		11/15/2042		100		104,319
Denver (City & County of), CO, Series 2017 B, Ref. RB		5.00%		11/15/2033		10		10,661
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)^(c)		5.00%		12/01/2042		105		107,606
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)^(c)		5.00%		12/01/2047		30		30,420
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2027		30		32,072

								930,487

Connecticut-1.68%
Connecticut (State of), Series 2016 B, Ref. GO Bonds		5.00%		05/15/2027		70		73,297
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2027		95		100,257
Connecticut (State of), Series 2017 A, GO Bonds		3.50%		04/15/2031		30		30,047
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2032		15		15,934
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2027		130		139,699
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2027		250		268,434
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2027		20		21,317
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2027		40		43,051
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2027		20		20,530
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2027		100		107,374
Connecticut (State of), Series 2022 F, Ref. GO Bonds		5.00%		11/15/2027		75		80,779
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2032		30		32,160
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2033		45		48,222
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2034		25		26,755
Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds		4.00%		06/01/2027		175		180,383
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2027		25		26,336
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB		5.00%		07/01/2027		140		150,497
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2030		50		52,634
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2033		100		105,064

								1,522,770

Delaware-0.05%
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2027		40		42,879

District of Columbia-2.26%
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2032		500		529,473
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2033		80		84,745
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2034		150		158,557
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2037		180		188,267
District of Columbia (Catholic University of America (The)), Series 2017 B, RB		5.00%		10/01/2047		300		303,632
District of Columbia (Georgetown University), Series 2017, Ref. RB		5.00%		04/01/2030		10		10,509
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2029		15		16,008
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2030		20		21,278
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2030		110		116,677
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2035		600		629,265

								2,058,411

Florida-3.52%
Brevard County School District, Series 2017 A, Ref. COP		5.00%		07/01/2032		60		64,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		255

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2027	$	10	$	10,432
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2038		15		15,622
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2039		150		156,064
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2027		10		10,675
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB		5.00%		10/01/2044		285		293,168
Escambia (County of), FL, Series 2017, RB		5.00%		10/01/2043		100		103,916
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		40		42,092
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2027		45		47,055
Florida (State of), Series 2017 C, Ref. GO Bonds		4.00%		06/01/2033		200		205,911
Florida (State of), Series 2022 C, Ref. GO Bonds		5.00%		06/01/2027		250		268,090
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2027		50		53,506
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2027		75		79,796
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2032		45		48,293
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2033		50		53,559
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2034		150		160,192
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2030		110		117,029
Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		20		20,899
Miami Beach (City of), FL, Series 2017, Ref. RB		5.00%		09/01/2047		150		153,881
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047		40		31,115
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2027		45		48,268
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		4.00%		10/01/2034		20		20,325
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2027		50		53,237
Orange (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		310		325,689
Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB		5.00%		10/01/2027		20		21,532
Pinellas (County of), FL School Board, Series 2017 A, COP		5.00%		07/01/2041		25		25,789
Reedy Creek Improvement District, Series 2017 A, GO Bonds		5.00%		06/01/2037		200		207,980
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2029		80		83,986
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2032		30		31,508
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2037		20		20,509
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		305		310,783
Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB		5.00%		10/15/2047		110		111,873

								3,196,791

Georgia-2.11%
Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)^(c)		5.50%		11/01/2027		80		82,776
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)^(c)		5.75%		11/01/2027		45		49,814
Atlanta (City of), GA, Series 2017 A, Ref. RB		5.00%		11/01/2038		10		10,506
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2027		40		43,018
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2029		90		96,541
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2031		10		10,733
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2032		20		21,452
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2033		40		42,882
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2035		10		10,639
Atlanta (City of), GA, Series 2018, Ref. RB		5.00%		11/01/2041		55		57,409
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2027		30		31,958
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RAC		5.00%		04/01/2047		200		202,160
Development Authority of Gwinnett County, Series 2017, Ref. RB		5.00%		07/01/2040		10		10,209
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2027		390		413,940
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2027		540		574,130
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2027		10		10,647
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2028		125		133,075
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds		5.00%		02/01/2027		30		31,362

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		256

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2027	$	35	$	37,430
Gwinnett County School District, Series 2022 B, GO Bonds		5.00%		08/01/2027		40		43,106

								1,913,787

Hawaii-0.73%
Hawaii (State of), Series 2016 FB, GO Bonds		5.00%		04/01/2027		235		245,590
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2027		35		37,343
Hawaii (State of), Series 2017 FK, GO Bonds		4.00%		05/01/2031		175		179,477
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2033		5		5,312
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2027		50		53,790
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2031		20		21,388
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2027		110		116,980

								659,880

Idaho-0.12%
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC		5.00%		07/15/2027		70		74,599
Idaho State Building Authority, Series 2017 A, RB^(a)(b)		4.00%		09/01/2027		30		31,184

								105,783

Illinois-7.29%
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		200		210,872
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)^(c)		5.00%		11/01/2033		600		631,188
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)^(c)		5.00%		11/01/2035		150		156,491
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds		5.00%		01/01/2027		125		129,539
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2027		15		15,519
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2034		90		94,358
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2035		5		5,230
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2036		270		280,662
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2038		125		128,865
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2039		10		10,264
Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB		5.00%		01/01/2041		245		250,484
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2047		115		116,830
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2052		320		323,807
Chicago (City of), IL Board of Education, Series 2017, RB		5.75%		04/01/2033		100		106,616
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2042		205		207,317
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2046		110		110,799
Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGM)^(c)		5.00%		12/01/2027		100		103,875
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2027		50		52,607
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2027		35		36,697
Cook (County of), IL, Series 2017, Ref. RB		5.00%		11/15/2033		100		105,591
Cook (County of), IL, Series 2018, Ref. RB		5.00%		11/15/2033		85		89,752
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2027		25		26,612
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2027		100		104,280
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		02/01/2031		250		251,843
Illinois (State of), Series 2017 A, GO Bonds		5.00%		12/01/2031		50		52,534
Illinois (State of), Series 2017 C, GO Bonds		5.00%		11/01/2029		365		383,618
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2027		470		494,782
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2027		45		46,977
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2030		120		126,029
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2032		30		31,472
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		4.00%		02/15/2033		545		548,673
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2036		150		155,824
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2027		140		148,393
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2030		20		21,213
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2030		95		100,738
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2031		30		31,839
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2033		25		26,512
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2034		225		238,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		257

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2036	$	75	$	78,865
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB^(a)(b)		4.00%		01/01/2027		45		46,173
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB^(a)(b)		5.00%		01/01/2027		85		89,875
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB		5.00%		10/01/2048		25		25,617
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2027		135		142,656
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds		5.00%		01/01/2029		45		47,083
Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		01/01/2040		200		193,094
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2027		35		36,591
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds		4.00%		01/01/2027		10		10,204

								6,627,060

Indiana-0.36%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2027		165		174,437
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB		5.00%		02/01/2027		80		84,187
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2027		25		26,551
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB		5.00%		10/01/2027		40		42,033

								327,208

Iowa-0.17%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2027		70		73,086
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2030		80		86,036

								159,122

Kansas-0.44%
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds^(a)(b)		5.00%		09/01/2027		5		5,384
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds^(a)(b)		5.00%		09/01/2027		50		53,843
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		4.00%		09/01/2027		10		10,222
Kansas (State of) Department of Transportation, Series 2017 A, RB		5.00%		09/01/2035		75		79,481
University of Kansas Hospital Authority, Series 2017 A, Ref. RB		5.00%		03/01/2047		250		254,719

								403,649

Kentucky-0.49%
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB		5.00%		06/01/2037		150		149,510
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)^(c)		4.00%		06/01/2037		115		111,327
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2027		60		63,011
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB		5.00%		04/01/2037		15		15,595
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB		5.00%		04/01/2038		30		31,097
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB		5.00%		07/01/2027		70		73,002

								443,542

Louisiana-1.06%
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)^(c)		5.00%		12/01/2042		50		51,323
Lafayette (Parish of), LA School Board, Series 2018, RB^(a)(b)		5.00%		04/01/2027		25		26,647
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		100		105,203
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2029		120		128,969
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2030		135		145,011
Louisiana (State of), Series 2017 C, Ref. RB		5.00%		05/01/2040		20		20,767
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2027		100		106,907
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)^(c)		5.00%		10/01/2048		150		151,204
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB		5.00%		05/15/2046		70		70,381
Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)^(c)		5.00%		12/01/2041		150		157,629

								964,041

Maryland-2.34%
Howard (County of), MD, Series 2017 B, Ref. GO Bonds		5.00%		02/15/2027		10		10,659

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		258

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Maryland (State of), Second Series 2020 B, Ref. GO Bonds		5.00%		08/01/2027	$	20	$	21,515
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2027		15		16,011
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2027		25		26,893
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2029		145		154,704
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2029		15		16,107
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2031		105		111,764
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2027		90		96,064
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2027		620		666,955
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2027		125		134,509
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2030		20		21,440
Maryland (State of) Department of Transportation, Series 2019, RB		4.00%		10/01/2032		40		41,100
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2027		145		156,279
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2027		70		74,062
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB		5.00%		05/15/2045		110		111,786
Maryland Health & Higher Educational Facilities Authority, Series 2017 A, Ref. RB		5.00%		07/01/2044		135		136,709
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2027		25		27,039
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2027		200		207,369
Prince George’s (County of), MD, Series 2017 A, GO Bonds		3.00%		09/15/2029		100		97,623

								2,128,588

Massachusetts-2.81%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)^(c)		5.50%		01/01/2027		50		53,536
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2027		10		10,765
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		10		10,514
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB		5.00%		06/01/2027		20		21,054
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2027		300		322,944
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2032		190		202,753
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2047		200		206,206
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043		90		93,845
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2027		40		43,287
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2027		45		48,441
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		5.00%		11/01/2031		70		75,441
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		4.00%		11/01/2032		10		10,319
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2027		40		43,360
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041		200		209,149
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2044		30		31,203
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2045		40		41,507
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2027		205		220,678
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2027		70		74,561
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2027		150		160,900
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2027		30		32,411
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB		5.00%		06/01/2042		75		77,920
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00%		07/01/2027		465		482,232
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2027		30		32,455
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)^(c)		5.25%		08/01/2027		25		27,228
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2032		20		21,486

								2,554,195

Michigan-1.51%
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2027		25		26,153
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB		5.00%		11/01/2045		165		167,709
Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB		5.00%		05/01/2042		180		186,410
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2027		30		32,398
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2027		125		132,862
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2034		245		258,443
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2037		125		129,642

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		259

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		5.00%		12/01/2035	$	145	$	152,068
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		4.00%		12/01/2036		65		64,365
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB		5.00%		12/01/2032		85		90,052
University of Michigan, Series 2017 A, Ref. RB^(a)(b)		5.00%		04/01/2027		30		32,029
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2017 A, RB		5.00%		12/01/2047		100		102,030

								1,374,161

Minnesota-0.68%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2027		30		31,701
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2031		20		21,052
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2032		20		21,055
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2027		70		75,529
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2027		50		53,949
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2027		15		16,130
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		295		317,229
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2027		10		10,772
Minnesota (State of), Series 2021 B, GO Bonds		5.00%		09/01/2027		20		21,545
Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB		5.00%		10/01/2047		20		20,213
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2030		15		16,141
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2031		10		10,757

								616,073

Mississippi-0.41%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2027		10		10,738
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		160		172,255
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		20		21,532
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		85		91,511
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		50		53,830
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2029		25		26,772

								376,638

Missouri-0.36%
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047		20		20,733
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2027		25		26,845
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2027		200		210,699
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)^(c)		5.50%		07/01/2027		60		64,786

								323,063

Nebraska-0.32%
Douglas (County of), NE (Creighton University), Series 2017, Ref. RB		5.00%		07/01/2047		70		71,525
Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds		5.25%		04/01/2027		75		80,598
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2027		25		26,056
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2037		110		116,503

								294,682

Nevada-0.70%
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB		5.00%		09/01/2047		100		97,983
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2027		50		52,675
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2030		95		100,792
Clark (County of), NV, Series 2017, Ref. GO Bonds		4.00%		06/01/2032		50		51,181
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2027		25		26,715
Clark County School District, Series 2017 C, Ref. GO Bonds		4.00%		06/15/2037		50		49,082
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2027		60		64,188
Nevada (State of), Series 2017, RB		5.00%		12/01/2031		185		195,112

								637,728

New Jersey-3.30%
Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)^(c)		5.00%		03/01/2037		100		103,761
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2040		220		230,116

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		260

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2041	$	250	$	261,149
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		4.00%		11/01/2027		275		280,872
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		5.00%		11/01/2027		100		106,374
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB		5.00%		07/01/2033		100		104,616
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2027		20		21,240
New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB^(a)(b)		5.00%		06/15/2027		60		64,318
New Jersey (State of) Economic Development Authority, Series 2018 A, RB		5.00%		06/15/2047		200		204,184
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2029		100		107,531
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2031		75		80,727
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2032		15		16,131
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2034		115		123,519
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2029		45		48,389
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2030		25		26,893
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2032		20		21,516
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2034		10		10,741
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2035		15		16,045
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2036		10		10,688
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00%		07/01/2041		25		23,712
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2036		20		19,897
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2037		210		218,922
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2047		35		32,328
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2052		185		188,818
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB		5.00%		07/01/2042		100		101,452
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2027		145		150,883
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2027		60		63,937
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2029		35		36,982
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2030		50		52,639
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2031		10		10,526
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2032		65		68,442
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2033		50		52,634
New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB		5.00%		01/01/2034		15		15,766
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2027		25		26,507
Newark (City of), NJ Housing Authority, Series 2017, Ref. RB		4.00%		01/01/2037		100		100,002

								3,002,257

New Mexico-0.15%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2027		25		26,629
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB		5.00%		06/15/2027		20		21,391
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB		5.00%		07/01/2027		80		85,639

								133,659

New York-17.82%
Albany (County of), NY, Series 2018, GO Bonds		5.00%		04/01/2027		45		47,196
Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB		5.00%		01/01/2042		150		154,568
Build NYC Resource Corp. (Manhattan College), Series 2017, Ref. RB		5.00%		08/01/2047		235		236,419
Hempstead Town Local Development Corp., Series 2017, Ref. RB		5.00%		07/01/2047		100		102,603
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2031		205		217,485
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2034		120		126,952
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2035		100		105,460
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2039		200		208,004
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		465,655
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		250		257,856
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		11/15/2047		100		103,204

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		261

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00%		11/15/2027	$	205	$	215,511
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2034		125		133,970
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2035		90		95,948
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2042		250		260,939
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00%		11/15/2033		15		16,107
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2027		50		52,564
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2027		10		10,814
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		300		310,206
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.25%		11/15/2057		100		103,992
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2027		70		75,258
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2027		120		125,100
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2031		20		21,518
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2032		10		10,748
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2033		15		16,113
New York (City of), NY, Series 2008 J-9, GO Bonds		5.00%		08/01/2027		35		36,502
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2027		140		150,121
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2030		130		140,320
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2032		120		129,451
New York (City of), NY, Series 2017 B-1, GO Bonds		3.00%		10/01/2034		45		42,501
New York (City of), NY, Series 2017 B-1, GO Bonds		5.00%		10/01/2037		250		263,108
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2028		250		264,841
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2027		300		321,689
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2027		450		478,556
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB		5.00%		06/15/2046		420		432,887
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2029		100		107,108
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2037		140		146,665
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB		5.00%		06/15/2032		25		26,974
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		4.00%		06/15/2048		155		147,829
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB		5.00%		06/15/2040		200		209,401
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2027		265		284,998
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2037		25		26,092
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2039		150		155,974
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2040		250		259,519
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2041		250		259,147
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB		5.00%		02/01/2039		625		645,899
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2030		140		148,918
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2034		280		295,833
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		4.00%		08/01/2035		75		75,995
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2027		35		37,079
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2028		125		132,389
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2031		35		37,049
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2030		20		21,088
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		3.50%		02/01/2038		45		41,576
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		200		205,561
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2031		210		222,283
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2036		100		104,363
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB		5.00%		07/15/2032		100		107,126
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2027		25		27,008
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB		5.00%		07/15/2031		15		16,077
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB		4.00%		07/15/2036		55		55,354
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2027		120		129,639
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2027		75		81,025
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2027		25		27,008
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2027		35		35,837
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2029		40		42,347
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2030		15		15,866
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2035		30		31,572

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		262

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2038	$	30	$	31,263
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2039		35		36,398
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2040		120		124,600
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2029		125		132,249
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2032		310		327,317
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		4.00%		02/15/2035		130		132,350
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2030		45		48,037
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2032		90		95,952
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2037		130		136,524
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2027		35		37,092
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2030		15		16,025
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2034		220		234,005
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2027		195		207,265
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(c)		5.00%		10/01/2027		50		53,750
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2027		40		42,814
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2041		150		156,319
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2042		245		254,851
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		4.00%		08/01/2043		400		377,437
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB		5.00%		07/01/2027		40		42,760
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB		5.00%		08/01/2027		35		34,848
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		100		101,003
New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)^(c)		5.75%		07/01/2027		95		99,710
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB		5.00%		07/01/2042		600		621,901
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2027		30		32,272
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2039		260		276,953
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2027		35		37,654
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2031		175		187,886
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2033		15		16,081
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2034		95		101,650
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2035		80		85,240
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2042		5		5,240
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2027		25		26,896
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2030		200		211,610
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2032		175		184,872
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2033		20		21,113
New York State Urban Development Corp., Series 2017 C-2, Ref. RB		5.00%		03/15/2035		230		243,204
New York State Urban Development Corp., Series 2017 C-3, Ref. RB		5.00%		03/15/2041		180		186,916
New York State Urban Development Corp., Series 2017, Ref. RB		5.00%		03/15/2029		35		37,065
Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)^(c)		4.00%		10/15/2027		90		93,437
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2027		10		10,612
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2047		10		10,265
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2029		55		58,283
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2030		75		79,411
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2031		215		227,555
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2032		215		227,503
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2033		175		185,022
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2034		60		63,340
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		175		182,196
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB		5.00%		11/15/2027		105		112,801
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB		5.00%		11/15/2042		10		10,413

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		263

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB		5.00%		11/15/2027	$	20	$	21,533
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB		5.00%		11/15/2027		5		5,383
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB		5.00%		11/15/2027		15		16,199

								16,197,840

North Carolina-0.64%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2027		70		73,933
Mecklenburg (County of), NC, Series 2017 A, GO Bonds		4.00%		04/01/2029		40		41,363
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2027		80		84,193
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2027		50		53,347
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2029		30		32,023
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2027		85		91,182
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2027		70		74,685
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2027		25		26,673
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2027		45		48,012
North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB		5.00%		01/01/2027		20		20,601
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2027		15		15,543
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2027		20		21,297

								582,852

Ohio-2.59%
Chillicothe (City of), OH, Series 2017, Ref. RB		5.00%		12/01/2047		100		100,019
Columbus (City of), OH, Series 2017 A, GO Bonds		4.00%		04/01/2033		10		10,192
Columbus (City of), OH, Series 2017, Ref. GO Bonds		4.00%		04/01/2027		30		30,999
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2029		15		16,137
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2027		80		85,411
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB		5.00%		02/15/2052		500		480,373
Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB		5.00%		12/01/2047		210		213,244
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB		4.00%		12/01/2046		145		134,035
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2027		20		21,493
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2027		35		37,650
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027		110		118,036
Ohio (State of), Series 2017 U, Ref. GO Bonds		5.00%		05/01/2027		10		10,676
Ohio (State of), Series 2019 A, GO Bonds^(a)(b)		5.00%		05/01/2027		70		74,861
Ohio (State of), Series 2019 A, GO Bonds		5.00%		05/01/2031		45		48,076
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2027		125		134,895
Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB		5.25%		02/15/2027		25		26,766
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2027		40		42,821
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		12/01/2027		65		70,282
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2027		30		32,163
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		06/01/2029		10		10,681
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2029		20		21,361
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		06/01/2030		25		26,665
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2031		30		31,976
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB		5.00%		12/01/2027		5		5,406
Ohio State University (The), Series 2017 A, Ref. RB		5.00%		12/01/2044		240		246,285
Ohio State University (The), Series 2020 A, Ref. RB		5.00%		12/01/2027		35		37,757
University of Cincinnati, Series 2017 A, RB		5.00%		06/01/2045		280		287,293

								2,355,553

Oklahoma-0.35%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2027		25		25,609
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2027		30		31,602
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB		5.00%		01/01/2047		10		10,281
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		5.00%		01/01/2027		20		21,193
Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB		4.00%		01/01/2029		70		71,515

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		264

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oklahoma-(continued)
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2027	$	50	$	52,981
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB		5.00%		09/01/2027		95		101,599

								314,780

Oregon-1.03%
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		20		21,354
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		15		15,947
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2036		45		47,367
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2029		70		74,626
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2031		100		106,352
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB		5.00%		11/15/2027		40		42,787
Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB^(a)(b)		4.00%		07/01/2027		50		51,678
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2030		40		42,502
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2031		130		138,222
Oregon Health & Science University, Series 2017 A, RB		5.00%		07/01/2042		100		102,751
Portland (Port of), OR, Series 2017 24A, RB		5.00%		07/01/2047		100		101,962
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		30		32,086
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2036		155		163,095

								940,729

Pennsylvania-5.19%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB		5.00%		08/01/2027		100		107,344
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB		5.00%		08/01/2029		15		16,017
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2027		15		15,652
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2027		100		105,768
Chester (County of), PA, Series 2017, Ref. GO Bonds		5.00%		11/15/2030		25		27,074
Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB		5.00%		10/01/2042		20		20,671
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2034		85		90,300
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2036		70		73,671
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		5.00%		02/15/2045		275		277,605
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		5.00%		02/15/2032		20		20,803
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		4.00%		02/15/2039		95		89,977
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB		4.00%		11/01/2034		60		60,385
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2027		40		42,085
Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds		4.00%		01/01/2030		100		101,914
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2027		255		270,536
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2027		100		105,213
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2027		90		96,522
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2027		30		32,310
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB		5.00%		08/15/2033		10		10,636
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB		5.00%		08/15/2037		185		193,050
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB		5.00%		12/01/2031		25		26,960
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB		5.00%		12/01/2033		40		42,606
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB		6.00%		12/01/2030		85		94,559
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2027		15		15,846
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2027		15		15,613
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB		5.00%		12/01/2047		200		205,883
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2036		155		161,551
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2037		165		171,030
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2033		300		317,764
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2034		35		37,117

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		265

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2035	$	280	$	295,712
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB		5.00%		12/01/2031		10		10,784
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB		4.00%		12/01/2036		300		300,847
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB		5.00%		12/01/2031		135		143,811
Pennsylvania State University (The), Series 2017 A, RB		5.00%		09/01/2047		215		221,676
Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB		5.00%		08/01/2042		30		30,579
Philadelphia (City of), PA, Series 2017 A, RB		5.00%		10/01/2047		85		87,169
Philadelphia (City of), PA, Series 2017 A, RB		5.25%		10/01/2052		50		51,494
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2034		50		52,982
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2036		100		105,225
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds		5.00%		08/01/2031		125		132,341
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2035		50		50,565
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2036		210		210,570
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		100		100,923
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2047		50		50,210
Philadelphia School District (The), Series 2016 F, Ref. GO Bonds		5.00%		09/01/2027		25		25,938

								4,717,288

Rhode Island-0.21%
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2027		100		103,995
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		5.00%		09/01/2029		60		64,519
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		4.00%		09/01/2037		25		25,085

								193,599

South Carolina-0.58%
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00%		11/01/2030		35		35,287
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00%		11/01/2031		10		10,058
Mount Pleasent (Town of), SC, Series 2017 A, RB		4.00%		06/01/2044		375		369,117
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2038		50		52,176
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2039		50		52,051
South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB		5.00%		10/01/2037		5		5,231

								523,920

South Dakota-0.27%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB		4.00%		07/01/2042		30		27,713
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB		5.00%		09/01/2040		215		217,649

								245,362

Tennessee-0.97%
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB		5.00%		01/01/2047		160		161,004
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2027		90		94,121
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB		5.00%		05/15/2042		460		475,468
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.00%		07/01/2030		50		51,299
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2027		30		32,126
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2027		25		26,968
Tennessee Energy Acquisition Corp., Series 2006 C, RB		5.00%		02/01/2027		45		45,072

								886,058

Texas-7.21%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2027		150		159,179
Austin (City of), TX, Series 2015, Ref. GO Bonds		2.95%		09/01/2027		180		176,499
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2029		15		16,072
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2042		60		61,971
Bexar (County of), TX, Series 2018, Ctfs. of Obligation		5.00%		06/15/2042		100		103,862

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		266

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Bexar (County of), TX Hospital District, Series 2018, Ctfs. of Obligation		5.00%		02/15/2048	$	75	$	76,499
Board of Regents of the University of Texas System, Series 2016 E, RB		5.00%		08/15/2027		100		107,161
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2027		100		105,632
Board of Regents of the University of Texas System, Series 2017 B, RB		5.00%		08/15/2027		35		37,506
Central Texas Regional Mobility Authority, Series 2021 C, RB		5.00%		01/01/2027		75		77,457
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		100		104,007
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		150		155,158
El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds		4.00%		08/15/2038		115		103,837
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2029		45		48,145
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2030		125		133,469
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2027		250		267,807
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2027		175		184,057
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB		5.00%		12/01/2027		100		106,564
Harris County Cultural Education Facilities Finance Corp. (Teco), Series 2017, Ref. RB		5.00%		11/15/2031		40		42,450
Hays (County of), TX, Series 2017, GO Bonds		4.00%		02/15/2042		65		62,799
Houston (City of), TX, Series 2016 A, Ref. GO Bonds		5.00%		03/01/2027		115		118,985
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2027		65		68,594
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2030		115		121,468
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2027		50		53,608
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		85		88,365
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2034		65		68,853
Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		75		76,888
Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2049		100		102,616
Lone Star College System, Series 2017 A, GO Bonds		5.00%		08/15/2042		20		20,717
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB		5.00%		08/15/2029		110		116,935
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB		4.00%		08/15/2037		100		99,358
North Texas Tollway Authority, Series 2017 A, Ref. RB		4.00%		01/01/2032		85		86,090
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2033		30		31,542
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2048		180		183,155
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)^(c)		4.00%		01/01/2034		405		409,757
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2027		30		32,009
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2027		305		319,865
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		140		143,598
San Antonio (City of), TX, Series 2017, Ref. RB		5.00%		02/01/2042		250		256,835
San Antonio (City of), TX, Series 2018, Ref. RB		5.00%		02/01/2027		150		158,955
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2039		300		312,327
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2032		65		69,273
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2033		105		111,819
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2034		80		85,030
Texas (State of), Series 2017 B, Ref. GO Bonds		5.00%		10/01/2033		175		186,366
Texas (State of) Water Development Board, Series 2016, RB		5.00%		04/15/2027		25		26,320
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2027		25		26,580
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2032		15		15,256
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2033		25		25,369
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2042		100		96,835
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2042		190		196,606
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		120		123,493
Texas (State of) Water Development Board, Series 2017, RB		5.00%		10/15/2031		100		106,905

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		267

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Texas (State of) Water Development Board, Series 2018, RB		5.00%		08/01/2027	$	280	$	298,859
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2027		25		26,694
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2030		125		132,272
Trinity River Authority, Series 2017, Ref. RB		5.00%		08/01/2030		25		26,507

								6,554,835

Utah-0.42%
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2027		80		85,662
Utah (State of), Series 2017, GO Bonds		5.00%		07/01/2027		75		79,904
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2027		150		161,134
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)^(c)		5.25%		06/15/2027		50		53,117

								379,817

Virginia-1.75%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.50%		10/01/2027		30		31,774
Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB		5.00%		12/01/2047		100		95,924
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2027		45		46,696
University of Virginia, Series 2017 A, Ref. RB		5.00%		04/01/2039		360		378,061
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB		5.00%		02/01/2027		50		52,066
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2027		110		115,753
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB		5.00%		02/01/2027		105		111,653
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2027		75		79,752
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2030		15		15,845
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2031		20		21,037
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB		5.00%		02/01/2027		15		15,950
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2027		60		63,802
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB		5.00%		08/01/2029		60		64,478
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2027		45		48,305
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2027		30		32,152
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2029		25		26,980
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2031		70		75,138
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2034		25		25,557
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2036		150		151,546
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2027		130		138,580

								1,591,049

Washington-3.30%
Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		40		42,443
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2027		35		37,740
Energy Northwest, Series 2017 A, Ref. RB		5.00%		07/01/2033		150		160,097
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB		5.00%		07/01/2029		95		101,360
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2027		95		101,696
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2027		35		37,467
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		30		32,236
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		60		64,399
King (County of), WA, Series 2017, Ref. GO Bonds		4.00%		07/01/2030		40		41,111
King (County of), WA, Series 2017, Ref. RB		5.00%		07/01/2049		100		103,482
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		100		105,799

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		268

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2027	$	70	$	72,494
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		100		105,502
Seattle (City of), WA, Series 2017 C, Ref. RB^(a)(b)		5.00%		09/01/2027		50		53,842
Seattle (City of), WA (Green Bonds), Series 2020 A, RB		5.00%		07/01/2027		55		58,938
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2027		60		62,267
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		195		204,542
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2033		40		42,438
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2035		50		52,823
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2036		50		52,636
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2042		150		156,184
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027		20		21,484
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2029		235		251,639
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2034		150		158,862
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2029		60		63,773
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2030		10		10,622
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2033		25		26,332
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2040		80		83,033
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2042		160		165,756
Washington (State of), Series 2017 F, Ref. GO Bonds		5.00%		08/01/2030		30		32,113
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2027		10		10,742
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2032		70		74,664
Washington (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2035		30		31,694
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2027		100		106,336
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		25		26,855
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2027		25		26,584
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2027		35		36,713
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		5.00%		08/15/2031		25		25,817
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		5.00%		08/15/2034		150		152,726

								2,995,241

West Virginia-0.05%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2027		45		47,935

Wisconsin-1.41%
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2027		20		21,385
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2028		70		74,923
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2029		260		278,280
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2030		40		42,820
Wisconsin (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2027		235		251,274
Wisconsin (State of), Series 2019 A, Ref. RB^(a)		5.00%		05/01/2027		215		229,544
Wisconsin (State of), Series 2019 A, Ref. RB^(a)(b)		5.00%		05/01/2027		150		160,147
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2029		70		73,946
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB		5.20%		12/01/2037		150		150,744

								1,283,063

TOTAL INVESTMENTS IN SECURITIES^(d)-98.70% (Cost $91,695,480)								89,721,496
OTHER ASSETS LESS LIABILITIES-1.30%								1,178,314

NET ASSETS-100.00%							$	90,899,810

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		269

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2023

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RAC		-Revenue Anticipation Certificates
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes
Wts.		-Warrants

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		270

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.75%
Alabama-0.19%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2028	$	100	$	109,735
Auburn University, Series 2018 A, RB		5.00%		06/01/2043		20		20,857

								130,592

Alaska-0.03%
North Slope (Borough of), AK, Series 2022 A, GO Bonds		5.00%		06/30/2028		20		21,732

Arizona-1.57%
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB		5.00%		01/01/2041		250		256,345
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2028		50		54,332
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2028		150		162,995
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2030		50		54,186
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2031		55		59,645
Mesa (City of), AZ, Series 2014, Ref. RB		3.00%		07/01/2028		20		19,600
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2028		20		21,212
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2030		25		27,035
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2031		100		108,204
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2033		100		107,959
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2034		25		26,959
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2037		175		186,124

								1,084,596

Arkansas-0.05%
Fort Smith (City of), AR, Series 2018, Ref. RB		5.00%		10/01/2034		30		31,935

California-14.91%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2028		15		16,419
Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds		5.00%		08/01/2050		75		77,934
California (State of), Series 2003, GO Bonds, (INS - AMBAC)^(a)		5.00%		02/01/2028		5		5,461
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2028		105		113,015
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2028		100		108,121
California (State of), Series 2018, GO Bonds		5.00%		10/01/2028		110		121,090
California (State of), Series 2018, GO Bonds		5.00%		10/01/2030		45		49,434
California (State of), Series 2019, GO Bonds		5.00%		11/01/2032		260		285,924
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2028		45		49,319
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2028		75		82,561
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2034		165		181,168
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2036		75		81,397
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2037		200		215,793
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2039		60		64,356
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2028		235		259,058
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2028		90		98,933
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2028		50		55,197
California (State of), Series 2022, GO Bonds		5.00%		04/01/2028		215		235,633
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2028		25		26,303
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2035		30		32,852
California (State of) (Bid Group A), Series 2018, GO Bonds		5.00%		10/01/2048		250		263,953
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2028		60		66,761
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2028		30		33,381
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00%		10/01/2048		20		20,512
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2028		10		10,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		271

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB^(b)(c)		5.00%		01/01/2028	$	10	$	10,898
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB^(b)(c)		5.00%		01/01/2028		100		108,980
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB		5.00%		10/01/2028		30		32,892
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB		5.00%		10/01/2035		90		98,008
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2017, Ref. RB		5.00%		01/01/2028		200		212,922
California (State of) Infrastructure & Economic Development Bank (The Broad) (Sustainability Bonds), Series 2021, Ref. RB		5.00%		06/01/2028		20		22,033
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2042		190		200,252
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2047		125		130,800
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB		5.00%		06/01/2043		45		47,107
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2028		95		103,025
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2028		25		27,635
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB		5.00%		01/01/2048		250		252,110
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2034		50		54,845
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2043		195		207,244
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2048		150		158,617
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2028		20		21,468
Corona-Norco Unified School District, Series 2019 C, GO Bonds		4.00%		08/01/2049		15		14,334
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2028		20		21,605
Hartnell Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2045		75		58,711
Los Angeles (City of), CA, Series 2022 C, Ref. RB		5.00%		06/01/2028		65		71,365
Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB		5.00%		05/15/2028		55		60,432
Los Angeles (City of), CA Department of Airports, Series 2019 E, RB		5.00%		05/15/2044		20		21,234
Los Angeles (City of), CA Department of Airports, Series 2019 E, RB		5.00%		05/15/2049		40		41,997
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB		5.00%		05/15/2028		30		33,074
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00%		07/01/2048		35		36,521
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2028		25		27,319
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2038		165		175,506
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2043		420		444,469
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2033		30		32,979
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2048		140		146,414
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2028		100		105,869
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2028		20		21,613
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB		5.00%		07/01/2034		10		11,007
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2028		20		22,043
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2030		15		16,491
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2031		55		60,538
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2039		35		37,600
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2044		225		239,042
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2043		150		158,070
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2028		40		44,126
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2028		45		49,642
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2028		135		148,925
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2028		15		16,547
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2028		75		82,736
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2028		95		103,611
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2029		35		38,308

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		272

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2030	$	10	$	10,921
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2033		25		27,272
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.25%		07/01/2042		225		240,549
Los Angeles Unified School District (Sustainability Bonds), Series 2022, GO Bonds		5.00%		07/01/2028		20		22,063
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		3.00%		07/01/2028		150		150,645
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		08/01/2043		100		104,762
Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB		5.00%		02/01/2028		100		107,238
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00%		08/01/2045		75		78,844
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)^(a)		5.00%		09/01/2047		25		26,147
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)^(a)		5.13%		09/01/2028		45		49,815
Redwood City School District (Election of 2015), Series 2018, GO Bonds		5.25%		08/01/2044		200		214,807
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2028		5		5,540
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB		5.00%		08/15/2028		20		22,160
San Diego (City of), CA Public Facilities Financing Authority, Series 2019 A, RB		5.00%		08/01/2043		130		138,218
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		05/01/2028		280		308,040
San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		07/01/2028		40		44,480
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2030		35		38,596
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2031		70		77,216
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		4.00%		06/15/2032		20		21,022
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2028		50		54,893
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00%		10/01/2043		200		197,314
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2028		85		92,476
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2028		25		25,939
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds		5.00%		09/01/2045		185		200,458
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)^(a)		2.13%		08/01/2050		100		60,756
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds		5.00%		08/01/2043		20		21,357
Southern California Public Power Authority (No. 1), Series 2007 A, RB		5.00%		11/01/2028		100		103,528
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		75		80,231
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2030		20		20,933
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2035		30		32,565
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2036		30		32,452
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2037		45		48,469
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2038		30		32,237
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		180		191,625
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		125		131,754
University of California, Series 2018 AZ, Ref. RB		5.25%		05/15/2058		65		69,041
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2037		55		59,141
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2038		125		134,097
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2043		200		212,561
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2048		175		184,148
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP		5.00%		01/01/2047		45		45,472

								10,306,113

Colorado-2.23%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2028		50		56,302
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2043		30		32,334
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2031		150		163,686
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2032		65		70,902
Colorado (State of), Series 2018 M, Ref. COP		5.00%		03/15/2031		80		86,039
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB		5.00%		11/15/2048		180		184,268
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB		4.00%		11/15/2048		25		23,150
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		25		26,437
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		10		10,575
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2028		10		10,733

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		273

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2028	$	30	$	32,935
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		120		131,459
Denver City & County School District No. 1, Series 2018 A, GO Bonds		5.50%		12/01/2028		30		32,925
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2028		30		33,078
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2030		110		120,591
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2032		15		16,400
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2033		75		81,895
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2031		5		5,449
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2034		25		27,108
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		4.00%		06/01/2028		65		68,027
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		4.00%		06/01/2028		50		52,328
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		5.00%		06/01/2028		45		49,072
University of Colorado, Series 2017 A-2, Ref. RB		4.00%		06/01/2038		230		228,137

								1,543,830

Connecticut-2.44%
Connecticut (State of), Series 2018 A, GO Bonds		5.00%		04/15/2037		40		42,315
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2028		40		43,795
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2030		30		32,554
Connecticut (State of), Series 2018 E, GO Bonds		4.00%		09/15/2036		350		351,186
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2028		20		21,711
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2028		100		108,217
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2028		15		16,207
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2028		230		238,694
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2028		10		10,865
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2028		120		131,561
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2028		95		98,591
Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds		5.00%		07/15/2028		115		125,434
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2032		35		37,578
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2036		60		63,759
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2038		155		162,638
Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB		5.00%		10/01/2033		25		27,110
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB		5.00%		01/01/2030		65		69,744
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043		100		104,579

								1,686,538

Delaware-0.24%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2028		40		43,473
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2028		10		10,868
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2028		100		109,321

								163,662

District of Columbia-1.62%
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2030		30		32,639
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2031		10		10,805
District of Columbia, Series 2020 A, RB		5.00%		03/01/2028		25		27,165
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2028		340		373,603
District of Columbia, Series 2021 E, Ref. GO Bonds		5.00%		02/01/2028		25		27,120
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2043		80		83,863
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2049		200		207,868
District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB		5.00%		10/01/2049		125		129,918
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2028		135		144,455
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2028		75		81,592

								1,119,028

Florida-2.71%
Broward (County of), FL School Board, Series 2019 A, Ref. COP		5.00%		07/01/2028		55		59,816
Central Florida Expressway Authority, Series 2018, RB		5.00%		07/01/2048		85		87,838
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		5.00%		07/01/2028		145		158,242

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		274

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)^(a)		5.00%		07/01/2028	$	30	$	32,389
Florida (State of), Series 2022 C, Ref. GO Bonds		5.00%		06/01/2028		100		109,235
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2028		25		27,213
Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB		5.00%		01/01/2048		200		200,835
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2028		85		91,121
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP		5.00%		07/01/2028		35		36,983
Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP		5.00%		07/01/2030		75		80,067
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2028		100		106,921
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2028		25		26,909
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2028		15		15,948
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2028		40		42,896
Miami-Dade (County of), FL, Series 2019, RB		5.00%		10/01/2043		115		119,327
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048		275		288,904
Palm Beach County School District, Series 2017 B, Ref. COP		5.00%		08/01/2028		30		32,664
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 1998 B, Ref. RB, (INS - NATL)^(a)		5.50%		07/01/2028		40		42,187
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB		4.00%		05/01/2048		20		17,993
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2028		35		37,099
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		150		153,758
Tampa (City of), FL (Green Bonds), Series 2018, RB		5.25%		05/01/2043		100		106,069

								1,874,414

Georgia-1.44%
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2028		30		32,254
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2028		10		10,634
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2028		30		32,867
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2030		55		60,082
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2031		25		27,281
Georgia (State of), Series 2018 A, GO Bonds		4.00%		07/01/2034		25		25,823
Georgia (State of), Series 2018 A, GO Bonds		3.25%		07/01/2037		200		191,707
Georgia (State of), Series 2022 A, GO Bonds		5.00%		07/01/2028		50		54,778
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		155		170,098
Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds		5.00%		07/01/2028		30		32,867
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2028		30		32,867
Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)^(a)		4.75%		06/01/2028		40		40,746
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB		5.00%		01/01/2056		200		202,116
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2028		50		54,479
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2028		25		26,135

								994,734

Hawaii-0.84%
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2028		25		26,629
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2028		90		96,530
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2030		180		194,271
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2033		10		10,775
Hawaii (State of), Series 2018 FT, GO Bonds		3.25%		01/01/2035		10		9,751
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2028		60		64,854
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds		5.00%		09/01/2028		35		38,236
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds		5.00%		03/01/2028		130		140,687

								581,733

Illinois-3.48%
Champaign County Community Unit School District No. 4 Champaign, Series 2020 A, GO Bonds		5.00%		01/01/2033		55		59,078
Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB		5.00%		01/01/2028		30		32,150
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2028		20		21,236
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2028		50		53,951
Cook (County of), IL, Series 2021 B, Ref. GO Bonds		4.00%		11/15/2028		145		149,666

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		275

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds		4.00%		12/15/2030	$	70	$	72,453
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2028		125		131,408
Illinois (State of), Series 2018 A, GO Bonds		4.63%		05/01/2037		90		90,813
Illinois (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2028		55		58,565
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2033		120		126,590
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2028		540		575,005
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2028		110		116,677
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB		5.00%		07/15/2028		15		16,123
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB		5.00%		05/15/2032		10		10,389
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2028		100		109,045
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2028		165		177,074
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2039		250		261,163
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		130		134,920
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2028		140		150,386
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2028		15		16,113
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2038		25		25,827
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		5		5,145
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2048		15		15,273

								2,409,050

Indiana-0.63%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2028		70		75,947
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB		5.00%		02/01/2033		175		188,660
Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		01/01/2032		150		160,693
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2030		10		10,842

								436,142

Iowa-0.06%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2028		40		43,024

Kentucky-0.13%
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2028		85		90,870

Louisiana-0.23%
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2028		50		54,236
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2030		75		81,114
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB		4.00%		12/01/2043		25		23,944

								159,294

Maryland-2.68%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2028		50		54,391
Maryland (State of), Second Series 2018, GO Bonds		5.00%		08/01/2031		130		142,000
Maryland (State of), Second Series 2018, GO Bonds		4.00%		08/01/2032		200		207,021
Maryland (State of), Second Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		340		373,119
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2028		25		26,701
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2028		80		86,076
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2028		60		65,351
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		50		54,870
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2028		85		91,507
Maryland (State of) Department of Transportation, Series 2019, RB		5.00%		10/01/2028		70		75,465
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2028		15		16,460
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2028		45		47,190
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2028		120		126,158
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2028		100		109,690
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2031		100		109,149
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2028		15		16,454
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2028		65		71,299

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		276

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2030	$	140	$	152,905
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2028		25		27,512

								1,853,318

Massachusetts-4.75%
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2028		55		60,438
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2028		70		75,677
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2033		15		16,198
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2035		80		86,064
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2031		40		43,214
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2032		10		10,805
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2037		35		37,406
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2038		225		239,637
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2028		55		60,232
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2028		210		229,975
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2028		200		221,182
Massachusetts (Commonwealth of), Series 2021, RB		5.00%		06/01/2041		745		783,122
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.00%		06/01/2048		25		25,992
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB		5.25%		07/01/2028		20		22,240
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2045		260		271,453
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050		220		228,458
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018, Ref. RB		5.00%		01/01/2028		20		21,788
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2028		240		258,303
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2030		50		53,907
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2033		70		75,121
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		4.00%		07/01/2036		40		39,793
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB		5.20%		01/01/2028		90		98,888
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		4.00%		02/15/2043		200		195,878
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		5.25%		02/15/2048		20		20,950
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB		5.25%		02/15/2048		100		104,752

								3,281,473

Michigan-1.67%
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2028		95		101,820
Great Lakes Water Authority, Series 2018 B, Ref. RB		5.00%		07/01/2028		85		92,484
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2028		125		137,255
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB		5.00%		11/01/2043		500		520,182
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB		5.00%		12/01/2048		150		152,307
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB		4.00%		11/15/2032		10		10,163
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2028		30		32,041
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB		5.00%		12/01/2038		100		104,558

								1,150,810

Minnesota-1.31%
Metropolitan Council, Series 2021 C, GO Bonds		5.00%		12/01/2028		150		165,360
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2028		40		42,264
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2033		10		10,489
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2034		150		156,513
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2028		25		27,423
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2034		175		191,944
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2037		25		26,880

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		277

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Minnesota-(continued)
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028	$	100	$	109,693
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2028		125		137,116
Minnesota (State of), Series 2021 B, GO Bonds		5.00%		09/01/2028		35		38,457

								906,139

Mississippi-0.62%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2028		35		37,607
Mississippi (State of), Series 2021 C, GO Bonds		4.00%		10/01/2039		150		148,070
Mississippi (State of) Development Bank (Hinds County), Series 2018, RB		5.00%		03/01/2048		155		158,878
West Rankin Utility Authority, Series 2018, RB^(b)(c)		5.00%		01/01/2028		80		86,203

								430,758

Missouri-0.50%
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		4.00%		10/01/2028		85		88,683
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2030		45		48,127
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2031		125		133,349
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB		4.00%		11/15/2048		20		18,072
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2030		55		56,894

								345,125

Nebraska-0.40%
Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB		3.00%		09/01/2028		250		245,750
Lincoln (City of), NE, Series 2020 A, RB		5.00%		09/01/2028		20		21,676
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2028		10		10,809

								278,235

Nevada-1.35%
Clark (County of), NV, Series 2016 B, Ref. RB		5.00%		07/01/2028		15		16,314
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2028		125		133,211
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2034		60		64,801
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2035		20		21,499
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2030		10		10,906
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2033		50		54,446
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2034		40		43,422
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2028		100		108,664
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds		5.00%		05/01/2048		250		259,779
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)^(a)		4.00%		06/15/2037		10		9,920
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB		5.00%		07/01/2043		100		103,279
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2028		15		16,364
Truckee Meadows Water Authority, Series 2017, Ref. RB		5.00%		07/01/2028		85		90,375

								932,980

New Hampshire-0.06%
New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB		5.00%		06/01/2028		35		37,925

New Jersey-6.40%
Garden State Preservation Trust, Series 2005 A, RB, (INS - AGM)^(a)		5.75%		11/01/2028		175		186,841
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		295		319,657
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)^(a)		5.00%		07/01/2028		275		292,412
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2028		25		26,856
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2028		20		21,485
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2028		100		106,423
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2032		35		37,469
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2034		265		282,870
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2028		110		118,826
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2030		25		26,830
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		4.00%		12/15/2031		60		61,272

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		278

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2032	$	60	$	64,198
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2033		500		534,345
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2034		145		154,474
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2036		115		121,131
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2030		35		37,602
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2035		240		255,036
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2044		225		232,011
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2050		10		10,250
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2031		30		32,169
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2032		25		26,764
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2038		205		214,355
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.25%		06/15/2043		200		208,858
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2028		30		32,200
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2028		15		16,182
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2030		20		21,460
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031		85		91,188
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2032		25		26,800
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2033		235		252,127
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2034		80		85,799
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		85		88,752
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2030		145		155,584
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2032		25		26,800
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		5.00%		01/01/2036		135		143,569
South Jersey Port Corp., Series 2017 A, RB		5.00%		01/01/2049		115		113,713

								4,426,308

New Mexico-0.33%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2028		25		27,154
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2028		120		130,847
New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB		5.00%		07/01/2028		40		43,615
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2028		25		27,260

								228,876

New York-21.77%
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2033		40		43,548
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2034		25		27,140
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2035		75		80,942
Long Island (City of), NY Power Authority, Series 2019 A, RB		5.00%		09/01/2030		35		38,241
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		3.00%		11/15/2028		760		751,741
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2030		30		31,688
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2032		200		210,944
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2035		70		73,057
Monroe County Industrial Development Corp. (Rochester Schools Modernization)), Series 2018, RB		5.00%		05/01/2032		60		64,836
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2036		50		53,503
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		85		88,149
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2028		30		32,921
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2030		175		190,221
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2033		30		32,528
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2035		30		32,275
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2036		100		106,921
New York (City of), NY, Series 2005 1, GO Bonds		5.00%		09/01/2028		175		191,179
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2028		55		58,841
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2028		150		161,474
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2032		15		16,106
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2040		25		26,104
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2028		175		190,874
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2028		350		383,369
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2028		95		103,617
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2028		10		10,925

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		279

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2033	$	500	$	541,316
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2036		45		47,908
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2038		80		84,459
New York (City of), NY, Subseries 2018 D-1, GO Bonds		4.00%		12/01/2043		10		9,655
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2044		40		41,770
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2033		220		236,174
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2034		300		321,544
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2043		100		103,988
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2045		240		249,163
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2030		20		21,897
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2034		15		16,365
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2039		70		74,042
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2040		165		174,101
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB		5.00%		06/15/2049		275		286,996
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2045		180		188,101
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2034		30		32,266
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2035		45		48,197
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2036		75		79,854
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB		5.00%		05/01/2039		30		31,548
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2036		20		21,347
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2045		205		212,813
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00%		07/15/2035		235		252,164
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.00%		07/15/2043		50		52,040
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2034		30		32,346
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		400		424,028
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2028		175		191,772
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2028		75		82,188
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2028		100		109,310
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB		5.00%		08/01/2028		10		10,912
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2033		90		97,306
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2040		55		57,857
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2042		500		524,098
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2036		160		170,602
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.25%		08/01/2037		55		59,057
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2028		190		207,689
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2030		235		253,676
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2031		100		108,067
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2033		115		124,258
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2036		110		117,410
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2037		125		132,509
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB		5.00%		08/01/2034		95		102,482
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2028		30		31,747
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2028		50		53,980
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2032		15		16,147
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2036		70		74,827
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2039		120		125,835
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2039		120		126,663
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2031		80		86,833
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.25%		03/15/2037		20		21,674
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2040		100		105,455
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2034		50		53,650
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2030		300		325,692
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2048		400		416,205
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2028		25		27,031
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2028		130		140,561
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2035		10		10,679
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2036		50		53,065
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB		5.00%		03/15/2030		245		264,039

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		280

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB		5.00%		03/15/2033	$	325	$	349,395
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2037		70		74,293
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2039		425		447,740
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2040		240		252,419
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2043		25		26,133
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2044		15		15,661
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2038		150		157,580
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2042		155		161,556
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2044		95		98,807
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2045		100		103,912
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2038		250		262,634
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038		235		252,078
New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB		5.25%		03/15/2038		50		53,822
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2028		10		10,989
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2028		30		32,427
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2030		95		102,014
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2031		10		10,741
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		3.50%		01/01/2037		30		27,694
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2028		20		21,695
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2028		60		64,956
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2028		50		53,755
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB		5.00%		06/15/2030		40		43,756
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB		5.00%		06/15/2048		150		158,326
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2028		5		5,496
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2035		195		211,364
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2037		45		48,079
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2038		80		84,863
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2039		60		63,492
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2040		135		142,554
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2044		100		104,778
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2045		50		52,313
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2028		70		76,686
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2028		215		235,535
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB		5.00%		11/15/2028		190		208,148
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		5.00%		11/15/2044		25		26,056
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2035		120		129,150
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		5.00%		05/15/2028		10		10,896

								15,050,295

North Carolina-1.01%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2028		40		43,823
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2031		20		21,825
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2032		40		43,624
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2028		240		258,087
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2028		25		26,686
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		80		87,573
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2028		200		217,566

								699,184

Ohio-2.31%
Allen (County of), OH, Series 2017 A, Ref. RB		4.00%		08/01/2038		10		9,706
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(a)		5.25%		12/01/2028		25		27,670
Cleveland (City of), OH, Series 2018, GO Bonds		5.00%		12/01/2043		125		130,423
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds		5.00%		02/15/2028		15		15,966

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		281

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2028	$	115	$	123,667
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2030		25		27,424
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2032		15		16,462
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2034		25		27,392
Franklin (County of), OH, Series 2018, RB		5.00%		06/01/2048		150		156,183
Miami Valley Career Technology Center, Series 2018, GO Bonds		3.75%		12/01/2047		35		29,997
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB		3.25%		11/15/2040		30		25,763
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2028		65		71,167
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/01/2028		25		27,372
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2028		80		87,798
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2030		50		53,670
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2031		30		32,171
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2033		45		48,186
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		4.00%		01/01/2036		125		125,931
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB		5.00%		02/15/2028		15		15,931
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2028		25		27,033
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2030		165		177,706
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2031		30		32,266
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2033		85		91,384
Ohio (State of) Water Development Authority, Series 2018, RB		5.00%		06/01/2028		165		179,074
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2028		35		38,216

								1,598,558

Oklahoma-0.18%
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		5.00%		01/01/2028		115		124,111

Oregon-0.51%
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2028		10		10,932
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2028		10		10,848
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2032		125		135,029
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		25		27,009
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2037		55		58,304
University of Oregon, Series 2018 A, RB		5.00%		04/01/2048		105		108,368

								350,490

Pennsylvania-4.16%
Allegheny (County of), PA, Series 2018 C-77, GO Bonds		5.00%		11/01/2043		135		141,215
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2032		30		31,354
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2037		20		18,852
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2044		55		47,615
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2047		150		150,011
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB		5.00%		04/01/2033		150		156,631
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2028		15		16,094
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2028		20		21,540
Allegheny (County of), PA Sanitary Authority, Series 2018, RB		5.00%		06/01/2045		100		104,723
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB		3.00%		08/15/2050		180		117,296
Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)^(a)		5.50%		08/01/2028		25		27,534
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB		4.00%		07/15/2048		30		26,154
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB		4.00%		09/01/2049		5		4,466
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB		4.00%		11/01/2038		100		98,235

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		282

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2028	$	250	$	265,555
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2028		200		217,566
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds		5.00%		01/15/2028		400		425,195
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2028		25		27,372
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		40		41,238
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB		5.00%		06/01/2028		10		10,612
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB		5.00%		12/01/2048		300		310,106
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB		5.00%		12/01/2048		150		155,124
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.00%		12/01/2043		40		41,351
Philadelphia (City of), PA, Series 2018 A, RB		5.00%		10/01/2048		65		66,809
Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB		5.00%		10/01/2028		150		162,249
State College Area School District, Series 2018, GO Bonds		5.00%		05/15/2044		185		193,143

								2,878,040

South Carolina-0.80%
Columbia (City of), SC, Series 2018, RB^(b)(c)		5.00%		02/01/2028		20		21,713
Florence (County of), SC, Series 2021, GO Bonds		5.00%		06/01/2028		30		32,618
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2035		35		36,153
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2043		250		251,044
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB		5.00%		05/01/2033		100		104,004
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2028		100		109,587

								555,119

Tennessee-0.72%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB		5.00%		07/01/2035		130		134,725
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.00%		07/01/2028		145		149,383
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2030		115		124,871
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		4.00%		07/01/2036		50		50,402
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		5.00%		01/01/2028		35		37,847

								497,228

Texas-7.94%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2028		55		59,496
Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		3.38%		02/15/2040		15		13,244
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2033		90		92,730
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations		5.00%		02/15/2047		100		102,929
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB		5.00%		10/15/2042		145		150,935
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB		5.00%		08/15/2028		10		10,920
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		25		27,065
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2031		35		36,205
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)^(a)		5.25%		12/01/2028		20		22,085
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2028		45		49,150
Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		20		21,600
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2030		175		188,406
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2028		20		21,334
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2038		200		199,295
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2028		40		42,856
Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		65		66,331
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2033		60		64,547
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2038		300		315,349

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		283

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2043	$	205	$	213,147
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2048		40		41,349
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2031		10		10,761
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2033		15		16,060
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		4.00%		08/15/2038		155		154,282
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2043		110		113,965
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2028		130		137,062
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2028		50		54,192
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2030		25		26,798
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		11/15/2043		165		171,927
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55		58,453
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds		5.00%		08/15/2028		150		160,770
Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		25		23,953
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB		5.00%		05/15/2048		20		20,508
Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2049		100		105,081
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2028		100		108,810
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2038		140		145,820
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2039		25		25,935
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2048		90		92,117
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2035		45		47,762
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2036		25		26,354
Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55		59,377
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2028		30		33,004
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2028		30		32,669
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2028		160		173,449
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2048		190		196,295
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2028		20		21,628
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2029		30		32,457
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2031		75		81,098
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2043		450		469,551
Texas (State of) Water Development Board, Series 2018 A, RB		4.00%		04/15/2048		25		23,572
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2030		200		217,953
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2032		90		97,839
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2038		75		79,704
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		225		233,503
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2028		75		81,447
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2028		105		111,684
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00%		12/15/2028		250		254,751
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2028		35		37,115
Trinity River Authority, Series 2017, Ref. RB		5.00%		08/01/2028		15		15,946

								5,492,625

Utah-0.50%
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		20		20,445
University of Utah (The), Series 2018 A, RB		5.00%		08/01/2044		75		78,377
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB		4.00%		05/15/2041		100		95,307
Utah (State of) Transit Authority, Series 2018, RB		4.00%		12/15/2034		145		148,026

								342,155

Virginia-1.54%
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB^(b)(c)		5.50%		01/01/2028		150		165,604
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB		5.00%		07/01/2048		150		156,217
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2028		15		16,305
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2028		60		65,010

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		284

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2031	$	25	$	27,012
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB		5.00%		02/01/2028		75		81,263
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2028		105		113,768
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2028		145		158,707
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2028		70		76,617
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2028		190		204,723

								1,065,226

Washington-3.13%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2028		135		148,345
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2032		50		54,300
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2030		40		43,442
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2032		55		59,730
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2034		60		65,032
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2028		130		138,848
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2028		15		16,356
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2028		100		109,038
Energy Northwest (No. 3), Series 2017 A, Ref. RB		5.00%		07/01/2028		75		80,105
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2028		100		108,302
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2036		15		14,971
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		200		218,648
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028		45		48,220
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028		170		182,231
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2032		25		27,216
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2039		150		158,775
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2031		85		91,923
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2038		60		63,404
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2041		190		199,171
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028		70		76,684
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		10		10,955
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB		5.00%		10/01/2031		130		135,688
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		105		112,769

								2,164,153

West Virginia-0.90%
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2032		90		97,501
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2034		25		27,035
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		12/01/2034		75		80,986
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		06/01/2037		125		132,878
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2039		55		58,043
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2041		35		36,647
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2028		40		42,612
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB		5.00%		06/01/2052		105		105,809
West Virginia (State of) Parkways Authority, Series 2018, RB		5.00%		06/01/2043		40		41,662

								623,173

Wisconsin-0.41%
University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB		5.00%		04/01/2043		25		25,525
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2028		55		59,931

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		285

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2028	$	160	$	169,498
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB		5.00%		11/15/2028		25		26,939

								281,893

TOTAL INVESTMENTS IN SECURITIES^(d)-98.75% (Cost $70,304,570)								68,271,484
OTHER ASSETS LESS LIABILITIES-1.25%								865,916

NET ASSETS-100.00%							$	69,137,400

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

^(b)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		286

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.58%
Alabama-0.48%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2029	$	100	$	111,515
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB		3.00%		12/01/2050		100		72,586
University of Alabama (The), Series 2019 A, Ref. RB		4.00%		07/01/2034		45		46,192

								230,293

Arizona-1.16%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2029		15		16,504
Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)^(b)		5.00%		06/01/2054		50		51,426
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2029		30		32,778
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2029		160		173,665
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		125		128,806
Phoenix Civic Improvement Corp., Series 2019 A, RB		3.00%		07/01/2049		25		18,118
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2044		125		130,354

								551,651

California-16.77%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB^(a)(c)		5.00%		10/01/2029		70		78,994
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB^(a)(c)		5.00%		04/01/2029		30		33,585
California (State of), Series 2019, GO Bonds		5.00%		04/01/2032		220		244,042
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2029		75		83,967
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2031		825		923,044
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2032		25		27,732
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2032		50		55,888
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2035		355		392,392
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2039		300		303,220
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		40		43,438
California (State of), Series 2020, GO Bonds		5.00%		03/01/2029		130		144,128
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds		5.00%		11/01/2029		350		392,395
California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB		2.45%		12/01/2045		50		33,488
California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB		5.00%		12/01/2029		75		83,500
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2029		20		22,467
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2030		25		28,088
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2032		10		11,231
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2033		35		39,272
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2029		50		56,655
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2029		50		56,144
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB		5.00%		11/01/2029		350		392,128
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2049		130		137,155
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2029		75		84,265
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2032		15		16,815
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2033		50		56,010
California State University, Series 2019 A, RB		5.00%		11/01/2039		200		216,708
California State University, Series 2019 A, RB		5.00%		11/01/2040		100		107,905
California State University, Series 2019 A, RB		5.00%		11/01/2049		100		105,631
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB		5.00%		06/01/2049		200		213,720
Long Beach (City of), CA, Series 2019 A, RB		7.15%		05/15/2044		75		79,676
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2033		290		327,155
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2034		50		56,304

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		287

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2036	$	100	$	111,064
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2032		20		22,600
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2039		75		81,867
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2036		40		43,653
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2045		100		105,530
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2049		100		104,971
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		120		127,688
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2030		35		38,918
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2032		20		22,154
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		235		249,635
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2029		25		28,071
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2029		100		106,933
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2029		35		39,321
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2029		45		50,555
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00%		12/01/2049		75		79,737
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		2.00%		07/01/2029		45		40,621
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2029		95		106,726
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2032		50		56,021
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2029		65		72,874
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2037		40		43,570
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2039		150		161,972
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		160		171,413
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2032		15		16,779
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2036		30		33,078
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2039		125		135,280
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)^(b)		5.13%		09/01/2029		35		39,431
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2036		55		60,249
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2037		100		108,833
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2037		50		54,862
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2039		100		109,291
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2039		115		122,760
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2037		75		81,724
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00%		05/01/2049		90		94,247
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds		4.00%		08/01/2035		70		72,373
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2029		40		44,614
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2030		220		245,676
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2029		10		10,479
University of California (Limited), Series 2018 O, Ref. RB		4.00%		05/15/2029		40		41,843

								7,984,555

Colorado-2.62%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds		5.00%		12/01/2029		50		55,802
Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds		5.00%		12/15/2029		25		27,873
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2029		30		32,788
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2029		30		33,356
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB		4.00%		11/15/2038		30		29,827
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2029		50		53,326
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2035		35		36,800
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2036		30		31,331
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2032		55		58,527
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044		320		326,862
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2031		25		26,929
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2029		195		212,755
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2029		190		211,426

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		288

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado Springs (City of), CO, Series 2019 A, Ref. RB		5.00%		11/15/2029	$	15	$	16,657
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2029		60		66,848
Pueblo City Schools, Series 2020, GO Bonds		5.00%		12/15/2039		25		26,751

								1,247,858

Connecticut-1.42%
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2029		35		38,118
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2029		150		165,332
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2039		125		132,279
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2029		5		5,497
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2029		50		54,895
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2029		55		60,663
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2029		25		26,288
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2029		20		20,964
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2029		20		20,965
Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB		5.00%		07/01/2029		75		83,743
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB		5.00%		07/01/2029		60		66,994

								675,738

Delaware-0.21%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2029		10		11,055
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2029		80		88,963

								100,018

District of Columbia-3.38%
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2029		25		27,591
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2030		405		448,163
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2031		100		110,018
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2032		20		21,941
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2037		30		32,297
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2044		50		52,599
District of Columbia, Series 2019 A, RB		5.00%		03/01/2029		30		33,148
District of Columbia, Series 2019 A, RB		5.00%		03/01/2034		35		38,567
District of Columbia, Series 2019 A, RB		4.00%		03/01/2040		220		216,759
District of Columbia, Series 2019 C, Ref. RB		3.00%		10/01/2029		30		29,997
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2034		140		154,012
District of Columbia, Series 2020 A, RB		5.00%		03/01/2029		90		99,444
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2029		25		27,961
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB		4.00%		10/01/2037		135		132,948
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2029		165		181,639

								1,607,084

Florida-3.22%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB		3.00%		12/01/2046		5		3,393
Broward (County of), FL, Series 2019 A, RB		5.00%		10/01/2040		100		107,050
Broward (County of), FL School Board, Series 2019 B, Ref. COP		5.00%		07/01/2029		100		110,526
Central Florida Expressway Authority, Series 2019 A, RB		5.00%		07/01/2044		10		10,436
Central Florida Expressway Authority, Series 2019 B, RB		5.00%		07/01/2038		70		74,414
Florida (State of) Department of Transportation, Series 2019 B, RB		3.00%		07/01/2049		15		11,129
Florida (State of) Department of Transportation, Series 2020 A, Ref. RB		5.00%		07/01/2029		130		143,830
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB		5.00%		03/01/2039		100		90,003
Gainesville (City of), FL, Series 2019 A, RB		5.00%		10/01/2047		100		104,577
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB		5.00%		11/01/2050		150		150,038
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2044		150		153,052
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2029		100		109,791

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		289

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Palm Beach County School District, Series 2018 C, Ref. COP		5.00%		08/01/2029	$	150	$	162,437
Polk County School District, Series 2019, RB		5.00%		10/01/2033		100		110,300
Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)^(b)		6.00%		10/01/2029		165		193,213

								1,534,189

Georgia-2.51%
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2029		120		131,757
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB		3.00%		07/01/2046		50		36,588
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2029		100		109,456
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		70		78,070
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2029		20		22,207
Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB		5.00%		08/01/2029		60		66,848
Gwinnett County School District, Series 2019, GO Bonds		5.00%		02/01/2041		195		208,214
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2029		25		26,366
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB		5.00%		09/01/2037		30		32,317
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB		5.00%		09/01/2029		200		222,901
Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB		5.00%		09/01/2048		250		262,654

								1,197,378

Hawaii-0.80%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2029		25		27,456
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2034		60		65,427
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2035		40		43,549
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2038		180		192,251
Honolulu (City & County of), HI, Series 2019 A, RB		5.00%		07/01/2044		25		26,330
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2029		25		27,200

								382,213

Idaho-0.36%
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB		5.00%		07/15/2035		40		43,383
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB		5.00%		07/15/2029		115		126,339

								169,722

Illinois-5.45%
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2035		100		106,973
Chicago (City of), IL, Series 2021 B, Ref. GO Bonds		4.00%		01/01/2029		267		266,916
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2036		20		21,381
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2048		300		309,448
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2053		40		41,067
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2029		200		214,442
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2029		50		52,986
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		07/01/2037		210		226,063
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB		4.00%		07/01/2038		145		144,503
Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB		5.00%		10/01/2049		105		105,881
Illinois (State of) Toll Highway Authority, Series 2019 A, RB		5.00%		01/01/2044		300		312,297
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2029		50		54,450
Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)^(b)		5.00%		02/01/2029		145		158,023
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2029		110		116,612
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2043		85		87,369
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.25%		01/01/2043		165		171,537
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2029		75		80,648
Will (County of), IL, Series 2019, GO Bonds		4.00%		11/15/2047		130		123,938

								2,594,534

Indiana-1.47%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2029		50		55,136
Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB		5.00%		10/01/2048		150		155,440

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		290

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana-(continued)
Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		02/01/2029	$	35	$	37,925
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2033		85		93,021
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2038		50		53,345
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2039		45		47,768
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049		150		155,766
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2054		100		103,533

								701,934

Iowa-0.21%
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2029		70		77,346
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2032		20		21,989

								99,335

Kansas-0.22%
University of Kansas Hospital Authority, Series 2019 A, RB		5.00%		09/01/2048		100		102,996

Kentucky-0.32%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB		5.00%		10/01/2038		150		154,184

Louisiana-0.68%
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2036		190		206,269
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2039		10		10,667
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2029		100		108,560

								325,496

Maryland-2.23%
Baltimore (City of), MD (Wastewater), Series 2019 A, RB		5.00%		07/01/2049		10		10,442
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2031		80		88,353
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2032		10		11,042
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2029		15		16,283
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2029		125		139,266
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2029		30		33,217
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		100		111,413
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds		5.00%		08/01/2031		95		105,571
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2029		20		22,285
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB		5.00%		10/01/2049		140		144,218
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2029		60		66,552
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2029		100		109,581
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2029		20		21,196
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2029		45		50,214
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2029		80		87,320
Prince George’s (County of), MD, Series 2019 A, GO Bonds		4.00%		07/15/2032		20		20,936
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2029		20		22,363

								1,060,252

Massachusetts-5.44%
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2029		40		43,322
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2029		245		273,282
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2031		70		76,827
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2036		60		65,080
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2038		10		10,690
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044		350		372,444
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2043		160		168,969
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2045		25		26,246
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2029		15		16,685
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2029		10		11,186
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds		5.00%		03/01/2029		15		16,638
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2029		125		140,216
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2029		10		11,154

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		291

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds		5.00%		10/01/2029	$	30	$	33,605
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB		5.00%		06/01/2049		400		418,494
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2029		20		22,423
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)^(b)		5.50%		07/01/2029		25		28,697
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2041		110		117,018
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2042		30		31,815
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018 A, Ref. RB		5.00%		01/01/2029		40		44,450
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB^(a)(c)		4.00%		06/01/2029		100		105,366
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2029		35		39,336
Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB		5.00%		07/01/2044		25		26,348
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2032		115		125,646
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2034		105		114,641
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2035		40		43,555
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB		5.00%		01/01/2035		15		16,464
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)^(b)		5.25%		08/01/2029		25		28,408
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2034		55		60,622
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050		95		100,325

								2,589,952

Michigan-1.97%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)^(b)		5.25%		05/01/2029		80		88,525
Great Lakes Water Authority, Series 2018 B, Ref. RB		5.00%		07/01/2029		95		104,946
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB		5.00%		07/01/2048		145		150,502
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2029		80		88,790
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB		5.00%		04/15/2036		100		107,777
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2048		385		399,696

								940,236

Minnesota-0.88%
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2029		25		27,464
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		25		27,969
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2032		85		95,009
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2033		65		72,624
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		35		37,827
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB		5.00%		11/15/2029		55		61,174
University of Minnesota, Series 2019 A, RB		5.00%		04/01/2044		90		95,341

								417,408

Mississippi-0.05%
Mississippi (State of), Series 2019 B, GO Bonds		4.00%		10/01/2037		25		24,990

Missouri-0.24%
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds		4.00%		03/01/2031		50		52,267
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB		5.00%		06/01/2029		10		10,781
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2029		50		51,761

								114,809

Nebraska-0.06%
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2029		15		16,242
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2033		10		10,916

								27,158

Nevada-1.08%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2029		130		143,684

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		292

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Nevada-(continued)
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2029	$	30	$	32,956
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2031		105		115,109
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2033		35		38,035
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2031		50		54,869
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2032		20		21,933
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2035		100		108,700

								515,286

New Jersey-3.28%
Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB		5.00%		07/01/2044		25		26,370
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2029		235		258,361
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2029		250		223,967
New Jersey (State of) Economic Development Authority, Series 2019, RB		5.00%		06/15/2044		250		259,638
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB		5.00%		11/01/2044		225		233,401
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2029		150		161,376
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)^(b)		5.25%		01/01/2029		120		133,007
New Jersey (State of) Turnpike Authority, Series 2019 A, RB		5.00%		01/01/2048		255		266,669

								1,562,789

New Mexico-0.91%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2029		200		221,235
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2029		190		210,427

								431,662

New York-16.57%
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB		5.00%		11/01/2038		100		108,844
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)^(b)		5.00%		11/15/2044		100		103,997
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2029		40		43,490
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB		4.00%		11/01/2039		20		19,898
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB		5.00%		11/01/2044		220		231,608
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2031		55		60,886
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2033		75		82,825
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		5.00%		09/01/2032		10		11,053
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2034		125		136,422
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2029		30		32,670
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2030		65		70,800
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2031		10		10,895
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2029		30		33,184
New York (City of), NY, Series 2020 B-1, GO Bonds		5.00%		10/01/2036		30		32,221
New York (City of), NY, Subseries 2008 L-6, GO Bonds		5.00%		04/01/2031		195		212,895
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2035		250		270,478
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2039		100		105,641
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2043		300		313,137
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		5.00%		06/15/2049		200		209,560
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB		5.00%		06/15/2029		50		55,843
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044		105		110,636
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		5.00%		06/15/2032		35		39,109
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		5.00%		06/15/2040		135		143,596
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2029		370		413,239
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB		5.00%		06/15/2040		270		285,966
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2034		10		11,040
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2038		50		53,498
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2029		15		16,196
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		5.00%		11/01/2035		140		151,534
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB		5.00%		11/01/2035		15		16,145
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		08/01/2029		45		49,622
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2029		400		442,735
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2029		95		102,575
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2037		285		303,275

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		293

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2039	$	100	$	105,322
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2032		95		104,191
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2035		100		108,680
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2037		35		37,502
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2038		100		106,367
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2042		50		52,508
New York (State of) Dormitory Authority, Series 2019, RB		5.00%		07/01/2039		325		344,149
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(b)		5.00%		10/01/2029		25		27,198
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2029		225		247,199
New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB		5.00%		03/15/2031		215		236,067
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2040		325		343,486
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2043		55		57,660
New York (State of) Dormitory Authority (Bid Group 4), Series 2019 A, Ref. RB		5.00%		03/15/2044		300		313,792
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB		5.00%		07/01/2035		35		38,145
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2029		25		27,943
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2034		15		16,595
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2038		10		10,753
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB		5.00%		07/01/2049		190		197,032
New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB		5.00%		07/01/2035		55		60,827
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB		3.50%		10/01/2029		55		52,778
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2029		90		99,037
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB		5.00%		06/15/2044		70		74,344
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2040		330		350,100
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2029		120		131,968
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2029		40		43,989
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2040		90		96,704
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2045		95		100,827
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2029		25		27,806
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB		5.00%		11/15/2049		100		103,564
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		5.00%		05/15/2029		80		88,555

								7,890,601

North Carolina-1.57%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2029		75		81,739
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2029		190		210,293
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2032		15		16,537
North Carolina (State of), Series 2019 A, RB		4.00%		05/01/2034		100		103,590
North Carolina (State of), Series 2020 B, RB		5.00%		05/01/2029		50		55,340
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2029		15		16,602
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2031		95		104,498
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2032		45		49,375
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2034		20		21,903
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)^(b)		5.00%		01/01/2036		50		52,806
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2029		30		33,100

								745,783

Ohio-2.77%
American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB		5.00%		02/15/2029		25		27,053
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2029		50		54,616
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2031		20		22,163
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2037		55		59,524
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2038		150		161,435
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2029		50		55,746
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2029		60		64,720
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2029		220		242,903
Ohio (State of) Water Development Authority, Series 2019, RB		5.00%		12/01/2039		100		107,860
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2035		180		198,728

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		294

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2037	$	85	$	92,414
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2039		125		134,824
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		40		42,571
Ohio State University (The), Series 2020 A, Ref. RB		5.00%		12/01/2029		50		55,772

								1,320,329

Oklahoma-0.05%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		3.00%		09/01/2029		25		24,458

Oregon-1.16%
Multnomah (County of), OR, Series 2021 A, GO Bonds		5.00%		06/15/2029		190		210,919
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds		5.00%		05/01/2033		60		66,428
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB		5.00%		11/15/2036		150		164,283
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2034		100		110,941

								552,571

Pennsylvania-5.00%
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2034		40		43,057
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2035		25		24,898
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2036		100		97,956
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB		5.00%		07/15/2033		35		37,847
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2032		35		38,186
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2034		95		103,334
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2035		75		81,297
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2036		35		37,680
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		200		204,153
Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB		3.00%		09/01/2029		50		47,611
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		5.00%		09/01/2031		55		58,710
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2029		150		165,774
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2029		35		38,704
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2029		90		99,788
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		5.00%		12/01/2044		340		355,320
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		5.00%		12/01/2049		30		31,236
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB		5.00%		12/01/2029		35		38,303
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2031		35		38,297
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2033		25		27,309
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2034		110		120,142
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2037		100		106,538
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2039		20		21,012
Philadelphia (City of), PA, Series 2019 B, RB		5.00%		11/01/2044		110		114,492
Philadelphia School District (The), Series 2019 A, GO Bonds		5.00%		09/01/2031		120		128,560
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB		5.00%		06/01/2049		130		132,768
Upper Merion Area School District, Series 2021 A, GO Bonds		4.00%		01/15/2046		45		42,972
Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)^(b)		5.00%		04/15/2059		145		146,971

								2,382,915

Rhode Island-0.74%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB		5.00%		09/01/2029		315		351,253

South Carolina-0.44%
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		3.00%		10/01/2029		75		72,704
Spartanburg County School District No. 7, Series 2019 D, GO Bonds		5.00%		03/01/2048		130		135,829

								208,533

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		295

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Tennessee-0.21%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044	$	100	$	102,144

Texas-6.68%
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2044		100		104,819
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2032		40		43,957
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2033		100		109,849
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2038		40		42,636
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2039		30		31,870
Board of Regents of the University of Texas System, Series 2019 B, RB		5.00%		08/15/2029		150		166,276
Collin County Community College District, Series 2020 A, GO Bonds		5.00%		08/15/2031		100		110,109
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		30		32,981
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		20		21,994
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2032		60		65,996
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2029		50		54,755
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2029		35		38,725
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2034		125		137,024
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2031		25		25,981
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2029		75		80,870
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2036		75		80,597
Garland (City of), TX, Series 2019, Ref. RB		5.00%		03/01/2044		150		155,165
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2029		35		37,769
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2029		110		119,853
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2035		50		51,064
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2032		20		21,721
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2036		200		213,460
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2029		10		11,041
North Texas Tollway Authority, Series 2019 A, Ref. RB		5.00%		01/01/2038		140		147,034
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2029		60		66,417
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2032		50		51,955
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2031		110		120,552
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2029		25		25,812
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB		5.00%		07/01/2032		105		112,353
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB		3.00%		12/01/2050		125		88,529
Texas (State of) Water Development Board, Series 2019 A, RB		5.00%		04/15/2031		130		143,664
Texas (State of) Water Development Board, Series 2019 A, RB		5.00%		04/15/2032		135		148,873
Texas (State of) Water Development Board, Series 2019 A, RB		4.00%		10/15/2036		125		125,816
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB		5.00%		12/31/2033		90		95,996
Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation		5.00%		03/01/2032		100		109,432
Trinity River Authority, Series 2020, Ref. RB		5.00%		08/01/2029		20		21,941
Webb (County of), TX, Series 2020, Ctfs. Of Obligation		4.00%		02/15/2045		15		14,067
Williamson (County of), TX, Series 2020, GO Bonds		4.00%		02/15/2040		150		149,259

								3,180,212

Utah-0.40%
Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)^(b)		5.50%		04/01/2029		100		108,536
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2029		75		82,780

								191,316

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		296

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-1.12%
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB		2.88%		02/01/2029	$	30	$	27,629
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2029		10		11,071
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2029		200		216,726
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2029		30		33,055
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2029		40		44,473
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2029		180		200,130

								533,084

Washington-3.31%
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2035		35		38,339
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2037		100		107,703
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		35		38,893
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2029		35		38,894
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		50		55,506
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2035		35		38,256
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2036		30		32,552
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		210		224,532
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2042		335		355,061
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2044		250		264,094
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2035		60		65,387
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		145		161,133
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2044		150		153,217

								1,573,567

West Virginia-0.63%
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2040		110		116,609
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2043		85		89,427
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB		5.00%		01/01/2043		100		92,812

								298,848

Wisconsin-0.51%
Fond Du Lac (County of), WI, Series 2019 A, GO Bonds		3.00%		03/01/2029		130		126,471
Wisconsin (State of), Series 2020 1, Ref. GO Bonds		5.00%		05/01/2029		75		82,969
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2029		30		33,187

								242,627

TOTAL INVESTMENTS IN SECURITIES^(d)-98.58% (Cost $48,665,229)								46,941,961
OTHER ASSETS LESS LIABILITIES-1.42%								674,073

NET ASSETS-100.00%							$	47,616,034

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
NCCU		-North Carolina Central university
RB		-Revenue Bonds
Ref.		-Refunding

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		297

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	Principal and/or interest payments are secured by the bond insurance company listed.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		298

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.63%
Alabama-1.57%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2033	$	100	$	112,473
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2035		100		111,022
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		4.00%		11/01/2036		100		101,103
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2037		200		218,044
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2039		250		270,093

								812,735

Arizona-1.57%
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(a)		5.00%		07/01/2030		100		109,534
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		5.00%		07/15/2030		15		16,947
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2030		20		22,163
Phoenix Civic Improvement Corp., Series 2020 A, RB		5.00%		07/01/2044		140		149,846
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2035		250		276,703
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2037		205		223,451
Scottsdale Municipal Property Corp., Series 2006, Ref. RB		5.00%		07/01/2030		10		11,003

								809,647

California-15.43%
Antelope Valley Community College District, Series 2020 B, GO Bonds		4.00%		08/01/2045		45		44,078
California (State of), Series 2019, GO Bonds		5.00%		10/01/2030		200		223,620
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2030		90		101,611
California (State of), Series 2020, GO Bonds		5.00%		03/01/2030		25		28,187
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		200		224,416
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		250		280,521
California (State of), Series 2020, GO Bonds		4.00%		11/01/2035		100		104,297
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2030		40		42,970
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2030		155		176,694
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2032		50		56,289
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2033		45		50,538
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2035		250		279,209
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2036		100		103,306
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2038		175		178,054
California (State of), Series 2021, GO Bonds		5.00%		10/01/2030		250		284,603
California (State of), Series 2021, GO Bonds		5.00%		12/01/2035		80		89,720
California (State of), Series 2021, GO Bonds		5.00%		12/01/2036		30		33,395
California (State of), Series 2021, GO Bonds		5.00%		12/01/2043		60		65,008
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2030		40		45,475
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2030		30		34,585
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2032		45		51,895
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2035		15		17,044
California (State of) Department of Water Resources, Series 2022 BF, Ref. RB		5.00%		12/01/2030		10		11,528
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2033		90		103,606
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2030		40		46,113
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		5.00%		04/01/2032		30		32,217
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		5.00%		04/01/2033		60		64,355
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB		5.00%		10/01/2030		25		28,615
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2030		60		68,117
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2030		60		67,323
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00%		08/01/2055		45		47,439
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB		5.00%		07/01/2036		5		5,598
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB		5.50%		11/15/2030		50		53,661

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		299

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2034	$	200	$	227,072
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB		5.00%		05/15/2044		125		134,684
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB		5.00%		05/15/2030		10		11,308
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2040		260		284,826
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2041		10		10,942
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2050		245		260,554
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2030		75		80,598
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2039		15		16,566
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2040		55		60,462
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2034		10		11,389
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2037		15		16,707
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2036		275		308,132
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037		140		155,497
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2033		25		28,500
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2034		155		176,241
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00%		12/01/2045		150		161,757
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2030		65		72,907
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2032		160		182,602
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2030		10		11,410
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2037		35		35,770
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2032		20		22,825
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2033		130		148,301
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2039		115		126,413
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2040		90		98,757
Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGM)^(a)		5.00%		08/01/2050		5		5,256
Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)^(a)		5.25%		12/01/2030		90		100,594
Sacramento (City of), CA Municipal Utility District, Series 2020 H, RB		5.00%		08/15/2035		35		39,641
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2030		70		78,838
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2038		25		27,631
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2050		120		128,480
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050		300		319,742
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		20		21,460
San Diego Unified School District, Series 2022 F-2, GO Bonds		5.00%		07/01/2030		5		5,705
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB		5.00%		11/01/2050		180		191,857
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2030		200		193,382
Santa Rosa (City of), CA, Series 2020 A, RB		5.00%		09/01/2034		100		112,906
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045		45		45,461
Turlock (City of), CA Irrigation District, Series 2020, Ref. RB		5.00%		01/01/2041		250		271,564
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2038		205		226,000
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2039		190		208,638
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2043		100		108,598
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2047		195		192,339

								7,966,399

Colorado-2.08%
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2030		40		45,101
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2033		25		28,000
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2030		30		32,023
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2030		70		75,644
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2036		45		45,272
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2037		20		20,001
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2038		205		202,211
Colorado Springs (City of), CO, Series 2020 C, RB		5.00%		11/15/2050		250		262,855
Denver (City & County of), CO, Series 2020 A, GO Bonds		5.00%		08/01/2033		40		45,196
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2030		180		203,867
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2034		30		33,853

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		300

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2038	$	25	$	27,338
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2039		20		21,786
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2034		15		16,705
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2032		10		10,565
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2036		5		5,101

								1,075,518

Connecticut-2.22%
Connecticut (State of), Series 2020 A, GO Bonds		4.00%		01/15/2038		35		35,096
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2034		100		111,460
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2038		245		264,840
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2037		250		252,492
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2038		250		250,528
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2030		15		15,820
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2030		180		202,811
Connecticut (State of), Series 2022 E, GO Bonds		5.00%		11/15/2030		10		11,296

								1,144,343

Delaware-1.26%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2030		250		281,070
Delaware (State of), Series 2020 A, GO Bonds		4.00%		01/01/2032		100		105,094
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2030		235		265,641

								651,805

District of Columbia-2.22%
District of Columbia, Series 2019 A, RB		5.00%		03/01/2030		10		11,100
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2030		10		11,087
District of Columbia, Series 2020 A, RB		5.00%		03/01/2032		200		222,092
District of Columbia, Series 2020 A, RB		5.00%		03/01/2036		195		215,993
District of Columbia, Series 2020 A, RB		5.00%		03/01/2037		170		186,571
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2030		50		56,681
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2035		100		110,897
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2039		105		113,055
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		205		217,418

								1,144,894

Florida-2.90%
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2032		10		11,077
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2033		20		22,120
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2034		95		105,387
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)^(a)		5.00%		07/01/2032		60		66,426
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2030		215		242,424
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2030		20		22,634
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2030		30		33,827
Florida (State of), Series 2022 B, Ref. GO Bonds		5.00%		06/01/2030		50		56,378
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2030		50		48,468
JEA Electric System, Series 2020 3-A, Ref. RB		5.00%		10/01/2034		50		54,839
JEA Electric System, Series 2020 3-A, Ref. RB		5.00%		10/01/2035		115		125,466
Miami-Dade (County of), FL, Series 2020 A, Ref. RB		4.00%		10/01/2037		5		4,971
Miami-Dade (County of), FL, Series 2021, RB		5.00%		10/01/2030		35		39,391
Miami-Dade (County of), FL Transit System, Series 2020 A, RB		5.00%		07/01/2043		20		21,183
North Miami Beach (City of), FL, Series 2020 A, RB		5.00%		08/01/2049		250		263,474
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2033		100		110,897
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2034		50		55,406
Tampa (City of), FL, Series 2020 A, RB		5.00%		10/01/2046		200		212,905

								1,497,273

Georgia-1.76%
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)^(a)		5.75%		11/01/2030		105		123,722
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2030		10		11,309

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		301

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB		5.00%		02/15/2032	$	100	$	108,015
Georgia (State of), Series 2022 A, GO Bonds		5.00%		07/01/2030		50		56,586
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2033		90		101,880
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2030		30		33,998
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		10		11,332
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		4.00%		08/01/2035		20		20,903
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2030		10		11,317
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2030		10		11,317
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds		5.00%		07/01/2030		55		61,174
Georgia (State of) Road & Tollway Authority, Series 2020, RB		5.00%		06/01/2032		10		11,201
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2030		10		10,626
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2032		15		16,857
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2033		250		280,663
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		4.00%		09/01/2035		35		36,526

								907,426

Guam-0.08%
Guam (Territory of) Waterworks Authority, Series 2020 A, RB		5.00%		01/01/2050		40		39,814

Hawaii-0.73%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2030		15		16,436
Hawaii (State of), Series 2020 C, RB		5.00%		07/01/2050		125		129,658
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2030		40		44,621
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds		5.00%		03/01/2030		165		184,063

								374,778

Illinois-5.18%
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds		5.00%		01/01/2030		145		153,529
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2030		95		103,814
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		5.00%		01/01/2034		135		147,965
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2035		85		86,562
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2036		15		15,155
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2030		10		11,255
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2033		200		218,070
Illinois (State of), Series 2020 B, GO Bonds		4.00%		10/01/2032		50		50,610
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2030		450		495,153
Illinois (State of), Series 2021 A, GO Bonds		5.00%		12/01/2030		200		218,190
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2030		35		37,894
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB		5.00%		11/01/2030		235		243,820
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		5.00%		07/01/2030		25		28,095
Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)^(a)		6.50%		07/01/2030		30		35,001
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2030		15		16,599
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2030		175		193,652
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2030		550		598,417
University of Illinois, Series 2023 A, Ref. RB		5.00%		04/01/2030		20		22,163

								2,675,944

Indiana-0.37%
Indiana (State of) Finance Authority, Series 2021, Ref. RB		5.00%		10/01/2030		15		16,821
Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB		5.00%		02/01/2030		80		89,226
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2030		75		83,788

								189,835

Kentucky-0.10%
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)^(a)		5.00%		09/01/2049		50		51,886

Louisiana-0.82%
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2030		65		71,463

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		302

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2021, Ref. RB		2.00%		06/01/2030	$	180	$	155,021
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2046		75		78,093
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2050		115		119,121

								423,698

Maryland-2.86%
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00%		07/01/2050		100		104,990
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2030		35		39,618
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2030		50		56,251
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds		5.00%		08/01/2030		45		49,967
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		03/15/2033		125		140,623
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2034		250		282,144
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2035		200		223,663
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2033		15		16,916
Maryland (State of) Department of Transportation, Series 2021 A, RB		4.00%		10/01/2030		150		158,126
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2030		45		50,719
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2030		75		84,532
Maryland State Transportation Authority, Series 2020, RB		5.00%		07/01/2034		15		16,822
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2030		100		106,957
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2030		130		144,244

								1,475,572

Massachusetts-4.95%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)^(a)		5.50%		01/01/2030		25		28,315
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds		2.75%		03/01/2050		15		10,550
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds		5.00%		07/01/2041		20		21,444
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2045		370		392,912
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2050		380		400,965
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2036		190		210,252
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2040		225		242,234
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2045		265		280,743
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB		5.00%		06/01/2043		105		112,388
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB		5.00%		06/01/2051		35		36,825
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB		5.25%		07/01/2030		200		228,622
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB		5.25%		07/01/2030		25		28,862
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB		5.25%		07/01/2030		150		173,981
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2045		250		267,280
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2050		115		122,186

								2,557,559

Michigan-1.33%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		05/01/2030		205		229,965
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2032		15		16,951
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2033		185		209,568
Michigan (State of), Series 2020 B, RB		4.00%		11/15/2038		50		50,250
Michigan (State of) Building Authority, Series 2020 I, Ref. RB		5.00%		10/15/2030		70		78,779
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050		95		99,668

								685,181

Minnesota-1.07%
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2035		50		55,913
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2040		140		151,948
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2030		275		310,962
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2030		30		33,786

								552,609

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		303

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Mississippi-0.09%
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2034	$	20	$	20,738
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2035		5		5,143
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2036		20		20,350

								46,231

Missouri-1.08%
Curators of the University of Missouri (The), Series 2020 B, RB		5.00%		11/01/2030		150		169,645
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds		4.00%		03/01/2030		50		52,356
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB		5.00%		06/01/2030		50		54,554
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB		5.00%		05/01/2030		25		28,103
St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)^(a)		5.00%		10/01/2049		250		254,488

								559,146

Montana-0.26%
Montana (State of) Facility Finance Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2037		135		135,008

Nebraska-0.31%
Omaha (City of), NE Public Power District, Series 2021 A, RB		5.00%		02/01/2046		150		159,740

Nevada-0.31%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2030		70		78,482
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB		5.00%		07/01/2030		75		82,156

								160,638

New Jersey-2.21%
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2030		600		524,883
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2036		10		10,088
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2050		405		419,671
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB		5.00%		06/15/2030		170		186,375

								1,141,017

New Mexico-0.23%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2030		50		56,184
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2030		10		11,245
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2030		45		50,600

								118,029

New York-24.07%
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB		5.00%		09/01/2037		155		168,634
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		5.00%		11/15/2047		70		71,018
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		5.00%		11/15/2049		20		20,247
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		4.75%		11/15/2045		115		114,999
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		530		545,303
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB		5.00%		11/15/2032		10		10,854
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB		5.00%		11/15/2033		10		10,832
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		5.00%		11/15/2030		120		137,893
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2030		35		37,605
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		5.00%		09/01/2030		130		143,945
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2033		140		157,169
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2034		30		33,502
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2035		50		55,347
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2030		200		224,124
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		4.00%		08/01/2034		5		5,162
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2032		250		279,194
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2032		365		406,360
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2035		150		164,616
New York (City of), NY, Series 2020 C, GO Bonds		4.00%		08/01/2036		15		15,156
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2038		200		214,764
New York (City of), NY, Series 2020 C, GO Bonds		4.00%		08/01/2041		15		14,609
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2042		20		21,146
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2030		95		106,459

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		304

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2043	$	100	$	105,283
New York (City of), NY, Series 2020 DD-1, RB		5.00%		06/15/2030		115		130,431
New York (City of), NY, Series 2021-1, GO Bonds		5.00%		04/01/2030		40		44,602
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2030		75		84,047
New York (City of), NY, Series 2022 C, Ref. GO Bonds		5.00%		08/01/2030		10		11,206
New York (City of), NY, Subseries 2008 L-6, GO Bonds		5.00%		04/01/2030		55		60,032
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		4.00%		03/01/2032		200		206,187
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB		4.00%		06/15/2042		10		9,758
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB		5.00%		06/15/2030		150		170,128
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB		5.00%		06/15/2041		55		58,711
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2030		75		85,064
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB		5.00%		06/15/2048		150		157,007
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2041		5		5,337
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2050		190		199,173
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB		5.00%		06/15/2030		115		130,431
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB		5.00%		06/15/2032		100		113,070
New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB		5.00%		06/15/2030		235		266,533
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.00%		05/01/2030		20		22,227
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB		4.00%		05/01/2039		15		14,870
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2033		245		273,719
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		215		239,446
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		40		44,548
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2037		60		65,015
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2041		285		304,062
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2046		100		76,336
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2030		70		78,353
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2032		15		16,782
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2033		60		66,993
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00%		11/01/2035		20		20,420
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2036		35		38,107
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2030		5		5,597
New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB		4.00%		05/01/2035		5		5,125
New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB		4.00%		05/01/2036		10		10,127
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB		5.00%		11/01/2034		10		11,111
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB		5.00%		11/01/2036		65		70,771
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2030		15		16,790
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2030		65		73,306
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2030		20		22,387
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2030		60		67,160
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		5.00%		07/15/2030		205		231,197
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2032		100		111,657
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB		5.00%		02/15/2030		85		95,019
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		5.00%		03/15/2032		85		94,884
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2033		265		292,981
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2034		780		860,243
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2035		120		131,614
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2039		20		19,841
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2041		90		95,023
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)^(a)		5.00%		10/01/2030		125		138,148
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2030		75		83,902
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2033		10		11,156
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2034		255		283,409
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2036		15		16,369
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2042		15		15,878
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		15		15,611
New York (State of) Thruway Authority, Series 2019 B, RB		5.00%		01/01/2036		25		27,207

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		305

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2037	$	200	$	199,619
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2035		40		44,039
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2036		15		16,369
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2037		5		5,409
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		5.00%		03/15/2030		185		206,728
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2030		165		183,965
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2035		5		5,536
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2036		500		548,547
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2037		25		27,183
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		180		191,064
New York State Urban Development Corp., Series 2020 C, Ref. RB		5.00%		03/15/2047		350		366,076
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2032		40		44,758
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2035		40		44,286
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2043		55		58,011
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		165		173,545
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		09/15/2030		65		73,018
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2030		90		100,401
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2030		200		222,988
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2033		70		75,776
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2034		25		26,949
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2036		50		52,973
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2030		185		208,843
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2049		500		523,737
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054		20		20,869
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB		5.00%		05/15/2030		90		101,116
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB		5.00%		09/01/2037		20		20,952
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB		5.00%		09/01/2033		20		21,526

								12,427,612

North Carolina-2.19%
Charlotte (City of), NC, Series 2020, Ref. RB		5.00%		07/01/2030		10		11,317
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2030		25		27,838
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2030		500		566,393
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB		5.00%		01/01/2043		250		259,227
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)^(a)		5.00%		01/01/2049		110		112,645
North Carolina State University at Raleigh, Series 2020 A, Ref. RB		5.00%		10/01/2030		10		11,211
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2030		20		22,423
Western Carolina University, Series 2020 B, RB		4.00%		04/01/2050		125		118,230

								1,129,284

Ohio-1.26%
Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB		5.00%		12/01/2030		5		5,493
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB		5.00%		02/15/2033		35		38,388
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2032		60		67,930
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2034		10		11,294
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2035		15		16,837
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2030		110		124,461
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		06/01/2032		20		22,528
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2032		5		5,632
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2040		200		215,985
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2050		135		142,856

								651,404

Oklahoma-0.02%
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2030		10		11,133

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		306

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oregon-1.19%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB		5.00%		08/15/2050	$	150	$	152,538
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2037		65		71,528
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2039		90		98,311
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2040		10		10,880
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2030		50		55,616
Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2034		200		223,582

								612,455

Pennsylvania-1.55%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB		5.00%		02/01/2030		50		55,859
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB		5.00%		07/15/2030		35		37,959
Monroeville Finance Authority, Series 2022 B, Ref. RB		5.00%		02/15/2030		5		5,460
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2030		30		33,589
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		4.00%		05/01/2032		20		20,843
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2030		15		16,902
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGM)^(a)		5.00%		05/01/2046		40		41,783
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB		5.00%		12/01/2045		230		239,728
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		305		317,628
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB		5.00%		07/01/2030		30		33,498

								803,249

Rhode Island-0.15%
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2034		65		71,609
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2035		5		5,465

								77,074

South Carolina-0.34%
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2032		90		97,049
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2030		70		78,781

								175,830

Tennessee-0.44%
Knox County Health Educational & Housing Facility Board, Series 2020 A, RB		5.00%		09/01/2030		50		52,265
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2049		70		72,754
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2054		100		103,495

								228,514

Texas-6.96%
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050		25		26,143
Board of Regents of the University of Texas System, Series 2020 A, Ref. RB		5.00%		08/15/2030		85		95,592
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		170		189,405
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		25		27,479
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2032		10		11,013
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		4.00%		11/01/2034		400		408,804
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB		4.00%		11/01/2034		20		20,440
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB		5.00%		11/01/2034		5		5,465
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2038		5		5,424
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2045		15		15,946
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB		5.00%		12/01/2047		250		263,427
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2030		50		55,399
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2030		25		27,916
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds		4.00%		10/01/2037		160		160,248
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045		20		18,542
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2030		30		32,729

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		307

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Houston (City of), TX, Series 2019 A, Ref. RB		5.00%		11/15/2032	$	140	$	156,384
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2036		40		40,423
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		125		132,891
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2039		100		105,612
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		75		77,442
Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)^(a)		4.40%		05/01/2030		125		125,617
North Texas Municipal Water District, Series 2021 A, Ref. RB		4.00%		09/01/2030		10		10,569
North Texas Tollway Authority, Series 2021 B, RB		5.00%		01/01/2030		75		82,858
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2030		250		284,451
Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2046		25		26,600
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2030		115		128,412
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2030		210		230,899
Royse (City of), TX Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2051		65		60,352
San Antonio (City of), TX, Series 2019, Ref. RB		5.00%		02/01/2035		35		38,331
San Antonio (City of), TX, Series 2019, Ref. RB		5.00%		02/01/2036		20		21,732
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		200		208,917
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB		5.00%		08/15/2039		200		210,066
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2030		200		223,728
Texas (State of) Water Development Board, Series 2020, RB		4.00%		08/01/2035		20		20,336
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2030		15		16,780
Trinity River Authority, Series 2019, Ref. RB		5.00%		08/01/2030		25		27,417

								3,593,789

Utah-0.61%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2030		170		190,044
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2030		20		22,519
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB		5.00%		05/15/2043		100		104,769

								317,332

Virginia-1.76%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2030		65		73,168
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2031		100		112,653
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		5.00%		07/01/2050		150		158,878
Hampton Roads Transportation Accountability Commission, Series 2020 A, RB		4.00%		07/01/2040		150		147,737
Virginia (Commonwealth of) College Building Authority, Series 2022 A, RB		5.00%		02/01/2030		100		111,779
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB		5.00%		02/01/2034		50		55,616
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2030		75		82,591
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2030		150		168,889

								911,311

Washington-4.77%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2030		100		113,372
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2037		125		136,096
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		4.00%		07/01/2039		250		247,453
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2039		100		107,837
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2030		75		84,136
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2030		110		106,923
King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2033		35		36,684
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2034		30		31,209
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2030		15		16,638
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2030		155		170,582

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		308

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2041	$	75	$	80,446
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2043		25		26,676
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2034		50		55,641
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2037		150		163,109
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2041		115		122,785
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2043		260		276,421
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2038		80		86,654
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2040		30		32,202
Washington (State of), Series 2023 B, Ref. GO Bonds		5.00%		07/01/2030		100		112,446
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2030		100		112,593
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		70		78,574
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2033		110		123,410
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2050		100		102,538
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055		40		40,898

								2,465,323

Wisconsin-0.33%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2030		150		168,521

TOTAL INVESTMENTS IN SECURITIES^(b)-98.63% (Cost $52,611,835)								50,929,556
OTHER ASSETS LESS LIABILITIES-1.37%								709,337

NET ASSETS-100.00%							$	51,638,893

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

^(b)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		309

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.79%
Alabama-0.23%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2031	$	60	$	67,650

Arizona-0.85%
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		4.00%		07/01/2035		20		20,501
Mesa (City of), AZ, Series 2021, Ref. RB		4.00%		07/01/2035		65		66,538
Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB		5.00%		01/01/2045		150		159,917

								246,956

Arkansas-0.40%
University of Arkansas, Series 2021 A, RB		5.00%		12/01/2045		110		116,333

California-16.80%
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2031		95		108,899
California (State of), Series 2020, GO Bonds		5.00%		11/01/2031		145		164,989
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2031		20		22,518
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2031		75		85,339
California (State of), Series 2021, GO Bonds		4.00%		10/01/2033		140		149,884
California (State of), Series 2021, GO Bonds		4.00%		10/01/2034		250		264,986
California (State of), Series 2021, GO Bonds		4.00%		10/01/2039		155		157,020
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2031		100		115,399
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2032		30		34,359
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		100		109,730
California (State of), Series 2021, Ref. GO Bonds		4.00%		10/01/2041		50		50,232
California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds		5.00%		10/01/2031		35		40,435
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2031		10		11,535
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2031		15		17,446
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2033		5		5,803
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB		5.00%		08/15/2051		150		159,438
California (State of) Public Works Board, Series 2021 A, Ref. RB		5.00%		02/01/2031		150		171,375
California (State of) Public Works Board (Green Bonds), Series 2021 C, RB		4.00%		11/01/2039		100		100,203
California (State of) Public Works Board (Green Bonds), Series 2021, RB		4.00%		11/01/2035		150		157,341
California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB		5.00%		11/01/2034		60		68,822
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		5.00%		05/01/2034		45		51,384
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		5.00%		05/01/2035		25		28,473
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB		4.00%		03/01/2034		50		53,259
Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB		5.00%		10/01/2051		50		53,645
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB		5.00%		06/01/2031		15		17,467
Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds		3.00%		08/01/2039		30		25,453
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2033		125		144,505
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2036		5		5,672
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2045		20		21,677
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2048		70		75,362
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB		5.00%		07/01/2037		250		280,677
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2045		55		59,420
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2051		100		106,771
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB		5.00%		07/01/2039		35		39,128
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB		5.00%		07/01/2041		65		71,673
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2033		110		127,127
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		4.00%		06/01/2038		5		5,160
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2038		100		111,835
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		4.00%		06/01/2039		10		10,233
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2041		20		22,065
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2046		60		65,344

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		310

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2031	$	10	$	11,415
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2031		10		11,517
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		4.00%		07/01/2032		15		16,067
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)^(a)		5.00%		05/15/2046		150		161,769
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB		5.00%		06/01/2051		150		160,384
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		2.50%		05/15/2031		25		22,848
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		5.00%		07/01/2051		250		264,818
San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB		5.00%		04/01/2045		55		59,509
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB		5.00%		05/01/2031		20		23,240
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		5.00%		05/01/2031		45		52,291
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		4.00%		05/01/2035		10		10,645
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		4.00%		05/01/2038		10		10,248
San Diego Unified School District, Series 2021 E-2, GO Bonds		5.00%		07/01/2031		30		34,824
San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds		4.00%		07/01/2033		35		37,119
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2031		45		52,436
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB		5.00%		05/01/2034		10		11,470
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB		4.00%		03/01/2046		15		14,462
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2031		15		14,346
Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds		3.00%		08/01/2031		70		69,106
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2031		30		34,861
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2033		5		5,764
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2036		15		15,699
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2046		365		395,865

								4,862,786

Colorado-0.80%
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2033		10		11,345
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2034		10		11,286
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB		4.00%		07/15/2034		5		5,064
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB		4.00%		07/15/2036		10		9,939
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB		4.00%		11/01/2039		65		63,998
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2031		10		11,364
Northern Colorado Water Conservancy District, Series 2022, COP		5.25%		07/01/2052		80		85,186
Weld County School District No. 6 Greeley, Series 2021, GO Bonds		4.00%		12/01/2045		35		33,492

								231,674

Connecticut-3.03%
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2031		5		5,590
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2031		160		169,710
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2031		150		170,295
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2033		25		28,305
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2034		20		22,588
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2036		130		132,999
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2038		5		5,011
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2041		200		215,966
Connecticut (State of), Series 2021 B, GO Bonds		4.00%		06/01/2031		25		26,596
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2035		30		33,639
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2041		15		16,275
Connecticut (State of), Series 2021 D, Ref. GO Bonds		5.00%		07/15/2031		5		5,694
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2031		30		31,821
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2031		10		11,415

								875,904

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		311

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Delaware-0.62%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2031	$	135	$	151,406
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2031		25		28,327

								179,733

District of Columbia-2.04%
District of Columbia, Series 2020 A, RB		5.00%		03/01/2031		30		33,439
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2031		60		68,897
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2035		25		28,229
District of Columbia, Series 2021 D, GO Bonds		4.00%		02/01/2037		30		30,250
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2046		75		79,976
District of Columbia, Series 2021 E, Ref. GO Bonds		5.00%		02/01/2034		80		90,082
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2031		40		44,845
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2031		10		11,306
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2034		15		15,684
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2041		175		189,015

								591,723

Florida-3.39%
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2031		170		188,064
Central Florida Expressway Authority, Series 2021 D, RB		5.00%		07/01/2031		15		16,938
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		4.00%		07/01/2035		5		5,205
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		4.00%		07/01/2039		200		198,615
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2031		170		194,755
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2031		30		34,459
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB		4.00%		11/15/2034		20		19,840
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB		5.00%		10/01/2047		35		37,202
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2031		100		96,050
Miami-Dade (County of), FL, Series 2020 A, Ref. RB		5.00%		10/01/2031		30		33,344
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2036		5		4,474
North Sumter (County of), FL Utility Dependent District (Sumter Water Conservation Authority), Series 2021, RB, (INS - AGM)^(a)		5.00%		10/01/2046		130		135,284
Pasco (County of), FL School Board, Series 2021 A, Ref. COP		5.00%		08/01/2031		15		17,014

								981,244

Georgia-1.41%
Georgia (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2033		75		86,076
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2031		15		17,015
Georgia (State of) (Bid Group 2), Series 2021 A, Ref. GO Bonds		4.00%		07/01/2037		185		190,840
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2031		100		115,014

								408,945

Hawaii-0.36%
Hawaii (State of) State Highway Fund, Series 2021, RB		5.00%		01/01/2041		40		43,312
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds		5.00%		03/01/2031		55		61,769

								105,081

Illinois-6.18%
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds		5.00%		01/01/2033		150		159,624
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.00%		11/01/2031		225		251,196
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2031		35		39,945
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)^(a)		5.00%		12/01/2046		120		128,854
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2031		255		278,706
Illinois (State of), Series 2016, GO Bonds		3.50%		06/01/2031		5		4,776
Illinois (State of), Series 2021 A, GO Bonds		5.00%		12/01/2031		90		98,937
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2046		125		128,317
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2031		40		43,734
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		5.00%		07/01/2035		10		11,129
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		4.00%		07/01/2038		250		248,315

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		312

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2031	$	125	$	138,287
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2045		245		258,329

								1,790,149

Indiana-1.35%
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		01/15/2040		100		107,336
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00%		10/01/2031		30		34,171
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00%		10/01/2037		20		21,897
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB		5.00%		10/01/2033		30		33,695
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2031		30		33,933
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB		5.00%		06/01/2034		100		109,983
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)^(a)		4.00%		06/01/2036		50		50,577

								391,592

Kansas-0.36%
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)^(a)		5.00%		09/01/2047		100		104,640

Louisiana-0.68%
Louisiana (State of), Series 2021 A, GO Bonds		5.00%		03/01/2039		180		195,395

Maryland-3.19%
Maryland (State of), Second Series 2021 A, GO Bonds		5.00%		08/01/2034		25		28,629
Maryland (State of), Series 2021 A, GO Bonds		5.00%		03/01/2034		10		11,396
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2033		15		17,224
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2031		10		11,260
Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds		5.00%		03/01/2031		125		142,826
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds		5.00%		03/01/2035		250		282,870
Maryland (State of) Department of Transportation, Series 2016, RB		3.00%		11/01/2031		40		38,738
Maryland (State of) Department of Transportation, Series 2017, RB		3.00%		09/01/2031		100		96,928
Maryland (State of) Department of Transportation, Series 2019, RB		2.13%		10/01/2031		60		53,197
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2031		15		16,882
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2046		120		127,712
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2031		100		96,874

								924,536

Massachusetts-4.55%
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00%		06/01/2041		155		168,029
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00%		06/01/2042		350		378,158
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds		5.00%		09/01/2031		15		17,287
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds		5.00%		09/01/2048		300		319,079
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds		5.00%		02/01/2031		245		279,736
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2022, RB		5.00%		06/01/2050		130		137,670
Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB		5.00%		07/01/2051		15		15,868

								1,315,827

Michigan-1.60%
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2031		15		17,015
Michigan (State of), Series 2021, RB		5.00%		11/15/2033		200		229,048
Michigan (State of), Series 2021, RB		4.00%		11/15/2037		60		60,560
Muskegon Public Schools, Series 2021 II, GO Bonds		5.00%		05/01/2051		50		52,124
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB		5.00%		12/01/2046		100		104,715

								463,462

Minnesota-0.95%
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2031		200		226,996
Minnesota (State of), Series 2021 A, GO Bonds		4.00%		09/01/2036		45		46,528

								273,524

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		313

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-1.01%
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB		5.00%		06/01/2031	$	120	$	132,479
St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds		5.00%		03/01/2042		150		160,131

								292,610

Montana-0.82%
Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB		3.90%		03/01/2031		250		236,984

Nevada-0.24%
Clark (County of), NV Department of Aviation, Series 2021 A, RB		5.00%		07/01/2033		10		11,275
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2031		50		56,835

								68,110

New Jersey-2.19%
New Jersey (State of), Series 2020 A, GO Bonds		4.00%		06/01/2031		255		267,160
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)^(a)		3.13%		07/01/2031		75		71,821
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN		5.00%		06/15/2034		50		54,940
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2031		50		55,291
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2034		20		22,086
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2035		50		54,850
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2036		100		108,752

								634,900

New Mexico-0.39%
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2031		100		113,811

New York-20.84%
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB		5.00%		02/15/2031		25		28,581
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB		5.00%		09/01/2031		20		22,987
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00%		11/15/2032		25		27,110
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00%		11/15/2034		300		323,259
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB		3.00%		12/01/2031		20		19,644
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		5.00%		07/15/2033		35		39,848
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2035		20		20,743
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2037		15		15,142
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2038		5		4,998
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		90		89,459
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2031		225		251,844
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2031		150		167,357
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2031		35		39,050
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2036		100		109,939
New York (City of), NY, Series 2021 A-1, GO Bonds		4.00%		08/01/2042		250		241,929
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2047		115		121,152
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2036		15		16,484
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2042		165		175,149
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2044		30		31,720
New York (City of), NY, Series 2021 F-1, GO Bonds		4.00%		03/01/2047		10		9,520
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2050		20		20,951
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2031		50		55,135
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB		5.00%		06/15/2031		170		195,898
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB		5.00%		06/15/2044		45		48,002
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		55		57,795
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2031		270		311,131
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		4.00%		06/15/2036		10		10,294
New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB		5.00%		05/01/2031		40		44,822
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2031		30		33,616
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2033		40		45,235
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2034		10		11,234
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2035		30		33,403
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2035		265		294,693

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		314

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2036	$	90	$	98,888
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2031		215		242,552
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2034		150		167,689
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2031		80		90,533
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		5.00%		07/15/2031		10		11,440
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2031		20		22,367
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB		5.00%		02/15/2031		30		33,268
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2031		155		175,308
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2033		150		168,195
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2035		10		11,104
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2036		65		71,479
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		4.00%		03/15/2040		30		29,583
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)^(a)		5.00%		10/01/2036		55		60,634
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB		5.00%		03/15/2031		55		61,481
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB		5.00%		03/15/2031		435		491,993
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00%		07/01/2051		75		79,703
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)^(a)		5.00%		11/15/2031		105		122,169
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2036		20		20,352
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2037		15		15,069
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2031		80		80,080
New York State Urban Development Corp., Series 2013 E, RB		5.00%		03/15/2031		200		200,199
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2031		50		54,233
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%		05/15/2051		225		236,634
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2039		10		10,867
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2040		10		10,818
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2041		40		43,093
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB		4.00%		05/15/2034		15		15,732
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		450		471,760
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB		5.00%		05/15/2051		15		15,818

								6,031,165

North Carolina-1.11%
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2031		20		22,676
North Carolina (State of), Series 2021 A, Ref. RB		5.00%		05/01/2031		30		34,235
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2031		90		100,913
North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB		5.00%		10/01/2031		45		45,676
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2033		15		15,819
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2038		100		100,740

								320,059

Ohio-2.54%
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB		4.00%		02/15/2036		100		99,653
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		10		8,954
Ohio (State of), Series 2021 A, GO Bonds		4.00%		05/01/2038		35		35,169
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2031		90		103,079
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046		250		267,144
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		50		53,098
Ohio (State of) Water Development Authority, Series 2021, RB		5.00%		06/01/2046		155		167,063

								734,160

Oklahoma-1.01%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2031		100		104,768
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2031		165		186,279

								291,047

Oregon-0.39%
Oregon (State of), Series 2023 A, GO Bonds		5.00%		05/01/2031		100		114,118

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		315

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-1.79%
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2031	$	15	$	16,752
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2031		20		22,602
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		50		52,330
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		95		99,371
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		125		131,696
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB		5.00%		12/01/2046		95		100,027
Philadelphia (City of), PA, Series 2021 C, RB		5.00%		10/01/2046		90		93,912

								516,690

Rhode Island-0.02%
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2031		5		5,542

South Carolina-0.37%
University of South Carolina (Campus Village), Series 2021 A, RB		5.00%		05/01/2046		100		105,696

Tennessee-1.01%
Clarksville (City of), TN, Series 2021 A, RB		5.00%		02/01/2045		105		111,977
Johnson (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB		5.00%		07/01/2031		25		27,251
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		100		106,677
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		4.00%		01/01/2031		30		31,993
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		3.00%		01/01/2033		10		9,569
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB		5.00%		07/01/2031		5		5,441

								292,908

Texas-5.16%
Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations		4.75%		06/15/2048		20		20,608
Board of Regents of the University of Texas System, Series 2021 A, Ref. RB		5.00%		08/15/2031		110		125,337
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		100		113,533
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB		5.00%		11/01/2031		60		66,147
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)^(a)		5.25%		12/01/2031		5		5,758
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2031		100		112,114
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)^(a)		5.00%		08/15/2042		50		53,068
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)^(a)		5.00%		05/15/2036		55		60,194
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB		5.00%		05/15/2046		100		104,239
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2034		320		325,745
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2035		75		75,847
Northwest Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		150		141,746
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2031		45		50,929
Sabine-Neches Navigation District, Series 2022, GO Bonds		5.25%		02/15/2052		35		37,210
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2039		10		10,704
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2041		30		31,899
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2046		30		31,519
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2031		10		11,311
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2031		30		33,531
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2031		25		28,319
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2034		40		45,022
Trinity River Authority, Series 2020, Ref. RB		3.00%		08/01/2031		10		9,589

								1,494,369

Utah-1.55%
Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/01/2031		5		5,724
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2037		30		33,007
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2039		50		54,244
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		270		286,815
Salt Lake City (City of), UT, Series 2021 B, RB		5.00%		07/01/2046		65		68,331

								448,121

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		316

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-1.86%
Norfolk (City of), VA, Series 2021 A, GO Bonds		5.00%		03/01/2033	$	155	$	176,712
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2031		130		148,630
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2033		30		34,384
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB		4.00%		08/01/2036		50		51,038
Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB		5.00%		05/15/2057		120		126,488

								537,252

Washington-6.57%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2031		45		51,727
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2033		40		45,796
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2034		50		57,009
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		4.00%		11/01/2040		150		147,290
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2041		210		226,928
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2031		50		56,835
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2046		250		265,373
Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2031		30		28,256
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB		5.00%		01/01/2046		150		159,208
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2031		255		285,121
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2033		20		22,601
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2034		5		5,644
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2038		5		5,455
Washington (State of), Series 2021 R, Ref. GO Bonds		4.00%		08/01/2036		10		10,207
Washington (State of), Series 2021, Ref. GO Bonds		5.00%		06/01/2031		20		22,480
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2031		25		28,277
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2031		15		16,904
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2035		10		11,228
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2037		250		275,705
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2040		165		179,075

								1,901,119

West Virginia-0.18%
West Virginia (State of) Parkways Authority, Series 2021, RB		5.00%		06/01/2047		50		52,654

Wisconsin-0.95%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2031		140		156,974
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2031		40		44,850
Wisconsin (State of), Series 2023-2, Ref. GO Bonds		5.00%		05/01/2031		65		74,033

								275,857

TOTAL INVESTMENTS IN SECURITIES^(b)-98.79% (Cost $29,772,109)								28,594,326
OTHER ASSETS LESS LIABILITIES-1.21%								348,977

NET ASSETS-100.00%							$	28,943,303

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		317

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

^(b)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		318

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

August 31, 2023

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.30%
Alabama-0.53%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.00%		07/01/2042	$	100	$	105,918

Arizona-0.11%
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2032		20		22,446

Arkansas-0.13%
University of Arkansas, Series 2022 A, RB		5.00%		11/01/2047		25		26,582

California-16.83%
Alameda (County of), CA Transportation Commission, Series 2022, RB		5.00%		03/01/2045		30		32,775
California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		08/01/2032		50		58,477
California (State of), Series 2016, Ref. GO Bonds		3.00%		09/01/2032		125		121,328
California (State of), Series 2018, GO Bonds		3.00%		10/01/2032		170		164,956
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2032		5		5,751
California (State of), Series 2022, GO Bonds		5.00%		09/01/2035		75		86,384
California (State of), Series 2022, GO Bonds		5.00%		09/01/2052		195		211,323
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2037		10		11,300
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		250		274,646
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2042		250		250,188
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2042		10		11,042
California (State of) Infrastructure & Economic Development Bank, Series 2022, RB		5.00%		10/01/2052		100		108,584
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB		5.00%		12/01/2036		150		172,175
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds		5.25%		08/01/2052		100		109,703
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2043		125		137,629
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		25		26,993
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2042		10		11,029
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2052		250		267,982
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2040		20		22,368
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2041		10		11,171
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds		5.00%		07/01/2032		10		11,689
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		5.00%		07/01/2032		15		17,655
Peralta Community College District, Series 2022 B, GO Bonds		5.25%		08/01/2042		25		27,987
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2038		50		55,688
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2039		60		66,512
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2040		20		22,077
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2041		25		27,512
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB		5.00%		12/01/2032		45		53,316
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB		5.00%		05/15/2047		20		21,674
San Diego (County of), CA Water Authority, Series 2022 A, RB		5.00%		05/01/2047		15		16,260
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB		5.00%		10/01/2036		35		40,399
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB		5.00%		11/01/2032		250		294,960
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB		5.00%		08/01/2047		60		65,753
Santa Rosa High School District, Series 2023 A, GO Bonds		5.00%		08/01/2053		155		165,680
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2034		145		169,703
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2038		150		168,862
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)^(a)		5.25%		08/01/2048		15		16,360

								3,337,891

Colorado-2.42%
Brighton (City of), CO (Water System), Series 2022, RB		5.00%		06/01/2052		200		211,072
Colorado (State of), Series 2022, COP		6.00%		12/15/2038		40		47,426
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2034		10		11,517
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2038		5		5,551
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2042		100		108,855
Parker Water & Sanitation District, Series 2012, Ref. GO Bonds		3.00%		08/01/2032		100		95,397

								479,818

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		319

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut-0.81%
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2032	$	50	$	47,552
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2034		75		78,846
Connecticut (State of), Series 2022 F, GO Bonds		5.00%		11/15/2035		30		34,020

								160,418

District of Columbia-1.74%
District of Columbia, Series 2022 A, RB		5.00%		07/01/2034		25		28,709
District of Columbia, Series 2022 A, RB		5.00%		07/01/2039		60		66,540
District of Columbia, Series 2022 A, RB		5.00%		07/01/2040		5		5,518
District of Columbia, Series 2022 A, RB		5.00%		07/01/2041		25		27,466
District of Columbia, Series 2022 A, RB		5.00%		07/01/2042		100		109,312
District of Columbia, Series 2022 A, RB		5.00%		07/01/2047		30		32,341
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2036		5		5,675
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB		5.00%		10/01/2047		45		47,804
Washington Metropolitan Area Transit Authority, Series 2021 A, RB		5.00%		07/15/2032		20		22,603

								345,968

Florida-4.90%
Bay County School Board, Series 2022 A, COP, (INS - AGM)^(a)		4.25%		07/01/2047		70		68,829
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB		5.00%		04/01/2042		50		51,673
Central Florida Expressway Authority, Series 2016 A, Ref. RB		3.00%		07/01/2032		100		94,844
Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds		5.00%		07/01/2032		50		58,168
Florida (State of) Department of Transportation, Series 2022, RB		5.00%		07/01/2052		100		106,102
Florida (State of) Municipal Power Agency, Series 2021 A, RB		3.00%		10/01/2032		15		13,884
Miami-Dade (County of), FL, Series 2022 A, RB		5.00%		04/01/2046		100		104,886
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2032		5		5,648
Sarasota (County of), FL, Series 2022, RB		5.25%		10/01/2047		25		27,660
Sarasota (County of), FL, Series 2022, RB		5.25%		10/01/2052		10		11,008
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2052		100		106,925
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.25%		10/01/2057		100		108,633
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.00%		10/01/2052		200		213,850

								972,110

Georgia-2.00%
Atlanta (City of), GA, Series 2022 A-1, GO Bonds		5.00%		12/01/2036		5		5,645
Atlanta (City of), GA, Series 2022 C, RB		5.00%		07/01/2041		20		21,677
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2032		5		5,814
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2035		20		22,869
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2039		15		16,613
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2041		10		10,963
Georgia (State of), Series 2023 A, GO Bonds		5.00%		07/01/2032		40		46,636
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2032		65		75,784
Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB		5.00%		01/01/2034		25		27,622
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2041		65		70,959
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2042		15		16,303
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2047		70		75,279

								396,164

Illinois-6.28%
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)^(a)		5.25%		01/01/2048		150		160,648
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2032		35		39,219
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2036		100		110,045
Illinois (State of), Series 2022 A, GO Bonds		5.00%		03/01/2035		40		43,113
Illinois (State of), Series 2022 A, GO Bonds		5.25%		03/01/2038		25		26,755
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2042		145		156,863
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2047		75		80,447
Illinois (State of), Series 2023 B, GO Bonds		5.00%		05/01/2032		115		126,910

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		320

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB		5.00%		08/15/2038	$	10	$	10,682
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB		5.00%		08/15/2047		90		93,108
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB		5.00%		08/15/2051		60		61,720
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB		5.00%		08/15/2052		100		102,851
Illinois (State of) Toll Highway Authority, Series 2021 A, RB		5.00%		01/01/2046		220		232,482

								1,244,843

Indiana-0.83%
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2032		5		5,694
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		4.00%		02/01/2034		10		10,372
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2035		5		5,636
Merrillville Multi School Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		01/15/2042		135		143,003

								164,705

Kansas-0.08%
Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		09/01/2052		15		16,079

Kentucky-0.93%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)^(a)		5.00%		05/15/2047		100		103,360
Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)^(a)		5.00%		09/01/2041		75		81,273

								184,633

Louisiana-0.20%
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB		5.00%		10/15/2036		35		38,670

Maryland-1.85%
Maryland (State of), Series 2022 A, GO Bonds		5.00%		06/01/2032		75		87,223
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds		5.00%		03/01/2032		205		234,205
Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds		5.00%		06/01/2034		40		46,368

								367,796

Massachusetts-5.09%
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.00%		10/01/2052		200		213,086
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.25%		10/01/2052		300		326,203
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds		5.00%		11/01/2052		200		213,181
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB		5.00%		06/01/2052		100		106,491
Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB		5.00%		10/01/2040		30		32,882
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB		5.00%		10/01/2044		20		21,626
University of Massachusetts Building Authority, Series 2022 1, RB		4.00%		11/01/2046		100		95,665

								1,009,134

Michigan-0.47%
Michigan (State of), Series 2021 A, RB		5.00%		11/15/2032		25		28,652
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2036		10		10,996
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2037		10		10,865
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2038		40		43,112

								93,625

Minnesota-0.17%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB		5.00%		01/01/2052		10		10,423
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2032		20		23,019

								33,442

Mississippi-1.19%
University of Mississippi Educational Building Corp., Series 2022, RB		4.50%		10/01/2052		235		235,016

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		321

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-0.84%
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		3.00%		11/15/2032	$	70	$	65,403
Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGM)^(a)		4.00%		06/01/2037		100		100,289

								165,692

Nebraska-0.31%
Gretna Public Schools, Series 2022, GO Bonds		4.00%		12/15/2047		65		62,040

Nevada-1.28%
Clark (County of), NV, Series 2022, RB		5.00%		07/01/2036		15		16,799
Las Vegas Valley Water District, Series 2021 C, GO Bonds		3.00%		06/01/2032		20		18,949
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds		4.00%		06/01/2041		20		19,635
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds		4.00%		06/01/2042		205		199,327

								254,710

New Jersey-0.75%
New Jersey (State of), Series 2020 A, GO Bonds		4.00%		06/01/2032		50		52,377
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB		5.25%		11/01/2042		50		53,828
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN		5.00%		06/15/2032		10		11,033
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2048		25		26,170
South Jersey Transportation Authority, Series 2022 A, RB		4.63%		11/01/2047		5		4,926

								148,334

New Mexico-0.18%
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2032		30		34,573

New York-22.62%
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB		4.00%		09/01/2032		35		37,362
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		3.00%		11/15/2032		30		27,148
Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB		4.00%		11/15/2039		15		14,800
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB		3.00%		12/01/2032		50		48,328
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2038		50		54,632
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2042		210		225,070
New York (City of), NY, Series 2023 C, Ref. GO Bonds		5.00%		08/01/2032		100		114,599
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2040		15		16,610
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2041		5		5,512
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2042		150		164,504
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2043		10		10,955
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.00%		05/01/2032		95		108,566
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.25%		05/01/2043		60		65,505
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB		5.25%		06/15/2052		100		108,092
New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB		5.00%		06/15/2032		75		85,402
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB		5.00%		06/15/2047		135		143,676
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2034		25		28,741
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2045		120		128,019
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.25%		11/01/2038		5		5,599
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2044		65		69,394
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2034		15		17,246
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2041		250		246,198
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2044		20		21,352
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2032		140		159,677
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		4.00%		11/01/2034		140		146,011
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2037		350		394,108
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB		5.00%		11/01/2038		5		5,466
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB		5.25%		11/01/2038		20		22,248
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		5.00%		03/15/2032		290		331,877
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		5.00%		03/15/2034		20		22,632
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		4.00%		03/15/2037		20		20,247
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2037		45		49,475
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2046		55		58,033

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		322

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB		4.00%		03/15/2040	$	5	$	4,931
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2037		15		16,675
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2039		10		10,902
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2048		235		248,462
New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1), Series 2022 C, RB		5.00%		03/15/2053		125		131,580
New York State Urban Development Corp., Series 2022, Ref. RB		5.25%		03/15/2039		75		83,184
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2041		100		107,606
Triborough Bridge & Tunnel Authority, Series 2022 A, RB		5.00%		11/15/2041		140		151,141
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%		05/15/2052		250		269,552
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB		5.00%		11/15/2039		5		5,478
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB		5.00%		11/15/2032		110		126,693
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		5.00%		05/15/2044		10		10,736
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		5.25%		05/15/2057		165		177,174
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2047		25		26,523
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB		5.00%		05/15/2047		150		159,249

								4,486,970

North Carolina-0.92%
Charlotte (City of), NC, Series 2022 A, Ref. RB		5.00%		07/01/2045		20		21,838
Mecklenburg (County of), NC, Series 2022, GO Bonds		5.00%		09/01/2034		40		46,524
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2034		85		97,674
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2036		15		16,928

								182,964

Ohio-1.31%
Columbus (City of), OH, Series 2016 A, GO Bonds		3.00%		08/15/2032		15		14,277
Ohio (State of) Water Development Authority, Series 2022 A, RB		5.00%		12/01/2041		30		33,042
Worthington City School District, Series 2023, GO Bonds		5.00%		12/01/2048		200		213,174

								260,493

Oklahoma-0.56%
Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB		5.00%		09/01/2032		100		110,737

Oregon-0.15%
Oregon Health & Science University, Series 2021 A, Ref. RB		4.00%		07/01/2044		30		28,662

Pennsylvania-3.70%
Allegheny (County of), PA Sanitary Authority, Series 2022, RB		5.00%		06/01/2053		200		209,989
Delaware Valley Regional Finance Authority, Series 2002, RB		5.75%		07/01/2032		145		173,852
Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2022, Ref. RB, (INS - AGM)^(a)		5.00%		07/01/2035		145		156,682
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB		3.25%		07/01/2032		30		28,632
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2032		10		11,491
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2047		35		37,891
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2052		15		16,134
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB		5.25%		06/01/2040		90		99,686

								734,357

Rhode Island-0.08%
Rhode Island (State of), Series 2022 A, GO Bonds		5.00%		08/01/2040		15		16,453

South Carolina-0.82%
Charleston (City of), SC, Series 2022, RB		5.00%		01/01/2052		100		107,694
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB		5.00%		10/01/2037		5		5,356
South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB		3.38%		10/01/2032		50		48,974

								162,024

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		323

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Tennessee-1.38%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds		4.00%		01/01/2042	$	5	$	4,968
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		250		269,173

								274,141

Texas-10.74%
Austin (City of), TX, Series 2022, Ref. RB		5.00%		11/15/2047		60		63,711
Board of Regents of the University of Texas System, Series 2023 A, RB		5.00%		08/15/2043		85		91,110
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		10		9,450
Corpus Christi (City of), TX, Series 2022 B, RB		5.00%		07/15/2052		5		5,264
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2035		10		11,374
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2035		20		22,117
Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2053		100		106,450
Fort Worth Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		50		47,907
Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations		4.63%		05/01/2052		100		100,217
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds		4.25%		10/01/2047		50		49,263
Harris (County of), TX Port Authority of Houston, Series 2021, RB		5.00%		10/01/2051		10		10,500
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023 , Ref. RB, (INS - AGM)^(a)		5.50%		05/15/2048		20		21,856
New Braunfels (City of), TX, Series 2022, RB		5.00%		07/01/2053		100		105,101
North Texas Municipal Water District, Series 2021 A, Ref. RB		3.00%		09/01/2032		55		51,780
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2032		85		87,118
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2032		50		57,621
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation		5.00%		08/01/2053		200		211,483
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2032		35		40,155
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2034		25		28,697
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2036		15		16,915
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2037		20		22,331
San Antonio (City of), TX Water System, Series 2022 B, RB		5.25%		05/15/2052		100		107,169
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2052		100		107,322
Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations		5.25%		09/01/2057		100		107,017
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2040		50		54,492
Texas (State of) Water Development Board, Series 2022, RB		5.00%		10/15/2034		40		45,617
Texas (State of) Water Development Board, Series 2022, RB		5.00%		10/15/2035		40		45,136
Texas (State of) Water Development Board, Series 2022, RB		4.70%		10/15/2041		50		52,973
Texas (State of) Water Development Board, Series 2022, RB		4.75%		10/15/2042		100		105,808
Texas (State of) Water Development Board, Series 2022, RB		4.80%		10/15/2052		100		104,428
Texas (State of) Water Development Board (Master Trust), Series 2022, RB		5.00%		10/15/2047		40		42,618
Trinity River Authority, Series 2020, Ref. RB		3.00%		08/01/2032		30		28,451
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2032		70		80,030
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2034		40		45,261
West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGM)^(a)		5.50%		12/15/2050		40		43,973

								2,130,715

Utah-0.53%
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2037		95		105,707

Virginia-0.70%
Fairfax (County of), VA, Series 2023 A, GO Bonds		4.00%		10/01/2034		15		15,942
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		3.00%		02/01/2032		95		90,259
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.25%		02/01/2041		20		22,201
Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB		5.00%		08/01/2037		5		5,612
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB		4.00%		05/15/2035		5		5,209

								139,223

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		324

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-4.05%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2032	$	10	$	11,461
Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB		5.00%		09/01/2047		100		105,976
Energy Northwest, Series 2022, Ref. RB		5.00%		07/01/2036		25		28,059
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2039		5		5,476
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2032		45		51,415
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.13%		12/01/2032		20		19,368
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2040		10		9,825
Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2034		20		23,107
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2037		5		5,580
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2038		5		5,537
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2038		5		5,530
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2040		5		5,472
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2041		205		223,526
Washington (State of), Series 2022 A-3, GO Bonds		5.00%		08/01/2044		30		32,415
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2037		20		22,219
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2041		40		43,428
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2046		45		48,227
Washington (State of), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2034		10		10,517
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2042		125		135,698
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds		5.00%		08/01/2043		10		10,834

								803,670

Wisconsin-0.82%
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)^(a)		5.50%		07/01/2052		150		162,088

TOTAL INVESTMENTS IN SECURITIES^(b)-98.30% (Cost $19,870,244)								19,498,811
OTHER ASSETS LESS LIABILITIES-1.70%								336,306

NET ASSETS-100.00%							$	19,835,117

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding
RN		-Revenue Notes

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

^(b)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		325

Statements of Assets and Liabilities

August 31, 2023


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)				Invesco BulletShares 2024 Corporate Bond ETF (BSCO)				Invesco BulletShares 2025 Corporate Bond ETF (BSCP)				Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,221,785,080			$	3,840,515,538			$	2,819,432,293			$	1,964,662,112
Affiliated investments in securities, at value			20,478,188				189,955,944				245,471,761				214,082,775
Cash			8,250				9,685				19,937				-
Deposits with brokers:
Cash segregated as collateral			-				1,323,256				101,745				-
Receivable for:
Dividends and interest			14,415,465				35,827,045				27,609,265				17,458,311
Securities lending			-				18,715				34,542				25,672
Fund shares sold			-				6,751,056				12,198,448				2,840,125

Total assets			2,256,686,983				4,074,401,239				3,104,867,991				2,199,068,995


Liabilities:
Payable for:
Investments purchased			-				6,755,043				12,242,331				2,803,281
Collateral upon return of securities loaned			-				173,363,561				245,367,690				213,690,711
Collateral upon receipt of securities in-kind			-				1,323,256				101,745				-
Accrued unitary management fees			192,922				327,795				236,743				166,818
Accrued tax expenses			-				-				-				-

Total liabilities			192,922				181,769,655				257,948,509				216,660,810

Net Assets		$	2,256,494,061			$	3,892,631,584			$	2,846,919,482			$	1,982,408,185


Net assets consist of:
Shares of beneficial interest		$	2,259,139,527			$	3,982,106,172			$	2,943,007,384			$	2,074,628,914
Distributable earnings (loss)			(2,645,466	)			(89,474,588	)			(96,087,902	)			(92,220,729	)

Net Assets		$	2,256,494,061			$	3,892,631,584			$	2,846,919,482			$	1,982,408,185

Shares outstanding (unlimited amount authorized, $0.01 par value)			106,350,000				188,400,000				141,150,000				104,700,000
Net asset value		$	21.22			$	20.66			$	20.17			$	18.93

Market price		$	21.22			$	20.67			$	20.18			$	18.94

Unaffiliated investments in securities, at cost		$	2,224,599,982			$	3,922,625,883			$	2,911,928,101			$	2,054,195,479

Affiliated investments in securities, at cost		$	20,478,188			$	189,952,711			$	245,464,382			$	214,081,857

^(a)Includes securities on loan with an aggregate value of:		$	-			$	167,602,964			$	237,509,429			$	207,271,264

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		326


Invesco BulletShares 2027 Corporate Bond ETF (BSCR)				Invesco BulletShares 2028 Corporate Bond ETF (BSCS)				Invesco BulletShares 2029 Corporate Bond ETF (BSCT)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2031 Corporate Bond ETF (BSCV)				Invesco BulletShares 2032 Corporate Bond ETF (BSCW)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

	$	1,051,761,172			$	712,280,468			$	389,672,435			$	255,043,053			$	192,190,447			$	141,093,360			$	521,250,300
		207,322,575				161,124,603				54,709,994				44,064,659				3,372,099				4,129,746				11,078,891
		1,472				-				2,575				-				278				2,840				-

		-				-				-				44,711				-				-				-

		10,765,274				8,127,802				4,684,993				2,325,105				1,763,108				1,832,378				1,720,980
		51,320				27,973				16,925				4,754				3,251				5,240				-
		5,692,799				2,952,562				2,775,322				33,495				238,972				6,105,931				-

		1,275,594,612				884,513,408				451,862,244				301,515,777				197,568,155				153,169,495				534,050,171




		5,736,369				2,976,762				2,734,243				33,495				238,972				6,077,721				-
		207,265,276				161,050,442				54,575,781				44,021,413				3,329,384				4,062,731				-
		-				-				-				44,711				-				-				-
		87,166				57,704				32,489				20,469				15,998				10,526				193,640
		-				-				-				-				-				1,009				-

		213,088,811				164,084,908				57,342,513				44,120,088				3,584,354				10,151,987				193,640

	$	1,062,505,801			$	720,428,500			$	394,519,731			$	257,395,689			$	193,983,801			$	143,017,508			$	533,856,531



	$	1,112,640,718			$	756,110,355			$	417,858,265			$	273,026,046			$	201,324,816			$	144,704,241			$	586,076,200
		(50,134,917	)			(35,681,855	)			(23,338,534	)			(15,630,357	)			(7,341,015	)			(1,686,733	)			(52,219,669	)

	$	1,062,505,801			$	720,428,500			$	394,519,731			$	257,395,689			$	193,983,801			$	143,017,508			$	533,856,531

		55,950,000				36,600,001				22,050,001				16,050,001				12,300,001				7,200,001				22,700,000
	$	18.99			$	19.68			$	17.89			$	16.04			$	15.77			$	19.86			$	23.52

	$	19.00			$	19.69			$	17.90			$	16.03			$	15.77			$	19.86			$	23.53

	$	1,101,114,396			$	746,413,336			$	412,663,788			$	270,097,669			$	199,230,992			$	142,693,181			$	521,636,263

	$	207,319,270			$	161,121,191			$	54,708,866			$	44,063,998			$	3,372,047			$	4,129,758			$	11,078,891

	$	200,678,629			$	155,916,769			$	52,721,278			$	42,598,793			$	3,224,833			$	3,905,534			$	-


		327

Statements of Assets and Liabilities–(continued)

August 31, 2023


	Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)				Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)				Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

Assets:
Unaffiliated investments in securities, at value^(a)		$	618,857,096			$	1,078,168,451			$	294,779,158			$	103,757,166
Affiliated investments in securities, at value			66,430,422				126,278,563				68,958,307				28,421,699
Cash			16,472				82,200				53,554				-
Deposits with brokers:
Cash segregated as collateral			4,769,733				2,571,644				-				-
Receivable for:
Dividends and interest			10,495,985				20,056,989				5,029,666				1,807,326
Securities lending			133,568				19,600				41,802				5,052
Investments sold			-				3,762,000				70,100				-
Fund shares sold			11,298,096				2,448,869				-				-
Other assets			-				-				-				-

Total assets			712,001,372				1,233,388,316				368,932,587				133,991,243


Liabilities:
Due to custodian			-				-				-				-
Payable for:
Investments purchased			11,355,273				2,448,869				107,282				-
Collateral upon return of securities loaned			42,729,683				91,914,880				64,518,930				27,646,251
Collateral upon receipt of securities in-kind			4,769,733				2,571,644				-				-
Accrued unitary management fees			225,805				396,561				107,342				36,620

Total liabilities			59,080,494				97,331,954				64,733,554				27,682,871

Net Assets		$	652,920,878			$	1,136,056,362			$	304,199,033			$	106,308,372


Net assets consist of:
Shares of beneficial interest		$	697,384,531			$	1,155,427,308			$	321,489,196			$	112,213,076
Distributable earnings (loss)			(44,463,653	)			(19,370,946	)			(17,290,163	)			(5,904,704	)

Net Assets		$	652,920,878			$	1,136,056,362			$	304,199,033			$	106,308,372

Shares outstanding (unlimited amount authorized, $0.01 par value)			29,000,000				50,200,000				13,300,001				4,900,001
Net asset value		$	22.51			$	22.63			$	22.87			$	21.70

Market price		$	22.54			$	22.67			$	22.90			$	21.74

Unaffiliated investments in securities, at cost		$	625,942,964			$	1,084,783,760			$	303,973,970			$	107,269,045

Affiliated investments in securities, at cost		$	66,430,470			$	126,278,229			$	68,956,869			$	28,421,699

^(a)Includes securities on loan with an aggregate value of:		$	41,064,635			$	88,746,210			$	62,156,823			$	26,606,870

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		328


Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)				Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)				Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)				Invesco BulletShares 2023 Municipal Bond ETF (BSMN)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)				Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

	$	63,298,511			$	19,866,769			$	12,078,825			$	132,040,748			$	191,879,918			$	164,747,373			$	112,532,438
		12,572,456				220,567				56,115				-				-				-				-
		-				243				-				7,617,261				835,947				124,980				298,389

		-				-				-				-				-				-				-

		1,099,767				331,640				213,854				1,141,402				2,399,854				2,042,305				1,328,267
		2,605				330				55				-				-				-				-
		-				-				-				-				-				20,000				-
		2,098,012				-				-				-				-				-				2,334,920
		-				-				-				236				-				128				-

		79,071,351				20,419,549				12,348,849				140,799,647				195,115,719				166,934,786				116,494,014



		11,503				-				-				-				-				-				-

		2,075,052				-				-				-				-				-				2,342,155
		11,924,278				83,383				-				-				-				-				-
		-				-				-				-				-				-				-
		22,168				6,633				4,370				21,774				29,821				25,431				17,029

		14,033,001				90,016				4,370				21,774				29,821				25,431				2,359,184

	$	65,038,350			$	20,329,533			$	12,344,479			$	140,777,873			$	195,085,898			$	166,909,355			$	114,134,830



	$	68,446,422			$	21,843,521			$	12,397,108			$	140,994,443			$	196,955,854			$	170,475,341			$	117,196,597
		(3,408,072	)			(1,513,988	)			(52,629	)			(216,570	)			(1,869,956	)			(3,565,986	)			(3,061,767	)

	$	65,038,350			$	20,329,533			$	12,344,479			$	140,777,873			$	195,085,898			$	166,909,355			$	114,134,830

		3,100,001				1,000,001				500,001				5,600,001				7,900,001				6,900,001				4,900,001
	$	20.98			$	20.33			$	24.69			$	25.14			$	24.69			$	24.19			$	23.29

	$	21.02			$	20.38			$	24.73			$	25.08			$	24.72			$	24.26			$	23.36

	$	65,808,694			$	21,118,627			$	12,063,042			$	132,253,895			$	193,741,852			$	167,980,006			$	115,124,646

	$	12,572,506			$	220,573			$	56,115			$	-			$	-			$	-			$	-

	$	11,512,359			$	80,538			$	-			$	-			$	-			$	-			$	-


		329

Statements of Assets and Liabilities–(continued)

August 31, 2023


	Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)				Invesco BulletShares 2029 Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Assets:
Investments in securities, at value		$	89,721,496			$	68,271,484			$	46,941,961			$	50,929,556
Cash			190,862				64,562				117,672				127,064
Receivable for:
Dividends and interest			1,000,768				811,868				563,706				589,961
Other assets			-				3				3				-

Total assets			90,913,126				69,147,917				47,623,342				51,646,581


Liabilities:
Accrued unitary management fees			13,316				10,517				7,308				7,688

Total liabilities			13,316				10,517				7,308				7,688

Net Assets		$	90,899,810			$	69,137,400			$	47,616,034			$	51,638,893


Net assets consist of:
Shares of beneficial interest		$	92,869,731			$	71,613,740			$	49,931,448			$	54,366,889
Distributable earnings (loss)			(1,969,921	)			(2,476,340	)			(2,315,414	)			(2,727,996	)

Net Assets		$	90,899,810			$	69,137,400			$	47,616,034			$	51,638,893

Shares outstanding (unlimited amount authorized, $ 0.01 par value)			3,900,001				3,000,001				2,100,001				2,400,001
Net asset value		$	23.31			$	23.05			$	22.67			$	21.52

Market price		$	23.36			$	23.12			$	22.70			$	21.56

Investments in securities, at cost		$	91,695,480			$	70,304,570			$	48,665,229			$	52,611,835

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		330


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)				Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

	$	28,594,326			$	19,498,811
		24,465				84,907

		328,836				254,203
		-				-

		28,947,627				19,837,921



		4,324				2,804

		4,324				2,804

	$	28,943,303			$	19,835,117



	$	31,028,790			$	20,206,550
		(2,085,487	)			(371,433	)

	$	28,943,303			$	19,835,117

		1,400,001				800,001
	$	20.67			$	24.79

	$	20.71			$	24.82

	$	29,772,109			$	19,870,244


		331

Statements of Operations

For the year ended August 31, 2023


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)				Invesco BulletShares 2024 Corporate Bond ETF (BSCO)				Invesco BulletShares 2025 Corporate Bond ETF (BSCP)				Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Investment income:
Unaffiliated interest income		$	65,269,934			$	108,308,304			$	74,716,457			$	57,350,973
Affiliated dividend income			7,268,741				542,613				276,883				145,315
Securities lending income, net			120,458				335,834				529,215				368,141
Foreign withholding tax			-				-				-				-

Total investment income			72,659,133				109,186,751				75,522,555				57,864,429


Expenses:
Unitary management fees			2,584,316				3,775,565				2,287,953				1,642,711
Tax expenses			-				-				-				-

Total expenses			2,584,316				3,775,565				2,287,953				1,642,711

Less: Waivers			(150,368	)			(11,568	)			(6,279	)			(3,426	)

Net expenses			2,433,948				3,763,997				2,281,674				1,639,285

Net investment income			70,225,185				105,422,754				73,240,881				56,225,144


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(781,861	)			(2,684,901	)			(1,295,738	)			(1,478,420	)
Affiliated investment securities			11,349				5,748				(27,202	)			872
In-kind redemptions			(220,892	)			(1,321,096	)			19,991				225,656

Net realized gain (loss)			(991,404	)			(4,000,249	)			(1,302,949	)			(1,251,892	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			33,394,186				6,134,894				(17,259,202	)			(17,778,583	)
Affiliated investment securities			(3,597	)			(1,470	)			2,318				(2,144	)

Change in net unrealized appreciation (depreciation)			33,390,589				6,133,424				(17,256,884	)			(17,780,727	)

Net realized and unrealized gain (loss)			32,399,185				2,133,175				(18,559,833	)			(19,032,619	)

Net increase in net assets resulting from operations		$	102,624,370			$	107,555,929			$	54,681,048			$	37,192,525

^(a)	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		332


Invesco BulletShares 2027 Corporate Bond ETF (BSCR)				Invesco BulletShares 2028 Corporate Bond ETF (BSCS)				Invesco BulletShares 2029 Corporate Bond ETF (BSCT)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2031 Corporate Bond ETF (BSCV)				Invesco BulletShares 2032 Corporate Bond ETF (BSCW)^(a)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

	$	27,995,798			$	19,666,298			$	9,989,189			$	7,006,776			$	4,981,015			$	2,213,288			$	35,395,637
		106,712				86,847				45,229				13,419				11,872				4,213				1,052,725
		520,233				246,735				143,219				41,845				19,219				16,985				175,059
		-				-				-				-				-				(68	)			-

		28,622,743				19,999,880				10,177,637				7,062,040				5,012,106				2,234,418				36,623,421



		773,158				505,304				257,981				169,689				105,858				43,085				2,878,297
		-				-				-				-				-				1,009				-

		773,158				505,304				257,981				169,689				105,858				44,094				2,878,297

		(2,360	)			(1,909	)			(1,001	)			(315	)			(272	)			(99	)			(27,283	)

		770,798				503,395				256,980				169,374				105,586				43,995				2,851,014

		27,851,945				19,496,485				9,920,657				6,892,666				4,906,520				2,190,423				33,772,407




		(780,612	)			(1,111,151	)			(228,170	)			(383,232	)			(288,336	)			(86,682	)			(20,804,654	)
		(7,870	)			(10,422	)			(4,565	)			(2,146	)			(658	)			(218	)			18,426
		517,384				109,667				117,340				-				426,580				-				(1,028,748	)

		(271,098	)			(1,011,906	)			(115,395	)			(385,378	)			137,586				(86,900	)			(21,814,976	)


		(11,244,222	)			(3,137,483	)			(3,191,900	)			(2,613,407	)			(2,930,013	)			(1,599,821	)			29,467,370
		(1,667	)			59				555				373				38				(12	)			(4,201	)

		(11,245,889	)			(3,137,424	)			(3,191,345	)			(2,613,034	)			(2,929,975	)			(1,599,833	)			29,463,169

		(11,516,987	)			(4,149,330	)			(3,306,740	)			(2,998,412	)			(2,792,389	)			(1,686,733	)			7,648,193

	$	16,334,958			$	15,347,155			$	6,613,917			$	3,894,254			$	2,114,131			$	503,690			$	41,420,600


		333

Statements of Operations–(continued)

For the year ended August 31, 2023


	Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)				Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)				Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
Investment income:
Unaffiliated interest income		$	33,022,924			$	40,159,624			$	16,593,285			$	5,203,631
Affiliated dividend income			820,087				435,912				113,317				38,519
Securities lending income, net			1,533,986				205,676				370,062				66,255

Total investment income			35,376,997				40,801,212				17,076,664				5,308,405


Expenses:
Unitary management fees			2,313,149				2,410,549				1,043,735				321,126

Less: Waivers			(17,491	)			(9,438	)			(2,390	)			(819	)

Net expenses			2,295,658				2,401,111				1,041,345				320,307

Net investment income			33,081,339				38,400,101				16,035,319				4,988,098


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(11,777,317	)			(5,865,078	)			(4,567,160	)			(1,421,408	)
Affiliated investment securities			(6,042	)			1,598				(164	)			(323	)
In-kind redemptions			816,238				467,201				(1,107,115	)			-

Net realized gain (loss)			(10,967,121	)			(5,396,279	)			(5,674,439	)			(1,421,731	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			19,248,362				16,151,590				7,518,602				1,797,997
Affiliated investment securities			(4,057	)			(2,558	)			(706	)			(330	)

Change in net unrealized appreciation (depreciation)			19,244,305				16,149,032				7,517,896				1,797,667

Net realized and unrealized gain (loss)			8,277,184				10,752,753				1,843,457				375,936

Net increase in net assets resulting from operations		$	41,358,523			$	49,152,854			$	17,878,776			$	5,364,034

^(a)	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		334


Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)				Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)				Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)^(a)				Invesco BulletShares 2023 Municipal Bond ETF (BSMN)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)				Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)


	$	2,742,234			$	965,678			$	521,553			$	3,185,413			$	3,610,076			$	3,000,918			$	2,298,872
		13,595				5,149				2,953				-				-				-				-
		22,332				5,174				58				-				-				-				-

		2,778,161				976,001				524,564				3,185,413				3,610,076				3,000,918				2,298,872



		161,601				59,672				28,713				253,371				290,193				236,849				159,276

		(300	)			(113	)			(64	)			-				-				-				-

		161,301				59,559				28,649				253,371				290,193				236,849				159,276

		2,616,860				916,442				495,915				2,932,042				3,319,883				2,764,069				2,139,596




		(865,373	)			(220,880	)			(68,303	)			(16,425	)			(35,194	)			(296,759	)			(251,703	)
		171				(12	)			-				-				-				-				-
		-				(53,897	)			-				(130,211	)			-				-				-

		(865,202	)			(274,789	)			(68,303	)			(146,636	)			(35,194	)			(296,759	)			(251,703	)


		639,529				220,036				15,783				751,360				(191,761	)			(526,414	)			(569,644	)
		(134	)			(19	)			-				-				-				-				-

		639,395				220,017				15,783				751,360				(191,761	)			(526,414	)			(569,644	)

		(225,807	)			(54,772	)			(52,520	)			604,724				(226,955	)			(823,173	)			(821,347	)

	$	2,391,053			$	861,670			$	443,395			$	3,536,766			$	3,092,928			$	1,940,896			$	1,318,249


		335

Statements of Operations–(continued)

For the year ended August 31, 2023


	Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)				Invesco BulletShares 2029 Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Investment income:
Interest income		$	1,903,676			$	1,444,832			$	1,092,252			$	1,048,150

Total investment income			1,903,676				1,444,832				1,092,252				1,048,150


Expenses:
Unitary management fees			123,854				97,053				72,584				66,043

Net expenses			123,854				97,053				72,584				66,043

Net investment income			1,779,822				1,347,779				1,019,668				982,107


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments			(13,991	)			(251,344	)			(251,014	)			(371,718	)

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities			(469,520	)			(56,364	)			(5,521	)			(285,726	)

Net realized and unrealized gain (loss)			(483,511	)			(307,708	)			(256,535	)			(657,444	)

Net increase (decrease) in net assets resulting from operations		$	1,296,311			$	1,040,071			$	763,133			$	324,663

^(a)	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		336


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)				Invesco BulletShares 2032 Municipal Bond ETF (BSMW)^(a)

	$	501,161			$	147,470

		501,161				147,470



		32,346				7,727

		32,346				7,727

		468,815				139,743



		(75,360	)			156


		(359,114	)			(371,433	)

		(434,474	)			(371,277	)

	$	34,341			$	(231,534	)


		337

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)								Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
	2023				2022				2023				2022
Operations:
Net investment income		$	70,225,185			$	31,662,160			$	105,422,754			$	43,331,147
Net realized gain (loss)			(991,404	)			582,904				(4,000,249	)			(3,778,907	)
Change in net unrealized appreciation (depreciation)			33,390,589				(74,338,444	)			6,133,424				(135,305,391	)

Net increase (decrease) in net assets resulting from operations			102,624,370				(42,093,380	)			107,555,929				(95,753,151	)


Distributions to Shareholders from:
Distributable earnings.			(68,135,418	)			(37,787,625	)			(105,337,424	)			(45,949,587	)


Shareholder Transactions:
Proceeds from shares sold			455,392,448				539,242,118				1,017,392,174				1,893,989,566
Value of shares repurchased			(721,718,419	)			(76,260,378	)			(426,454,622	)			(84,849,119	)

Net increase (decrease) in net assets resulting from share transactions			(266,325,971	)			462,981,740				590,937,552				1,809,140,447

Net increase (decrease) in net assets			(231,837,019	)			383,100,735				593,156,057				1,667,437,709


Net assets:
Beginning of year			2,488,331,080				2,105,230,345				3,299,475,527				1,632,037,818

End of year		$	2,256,494,061			$	2,488,331,080			$	3,892,631,584			$	3,299,475,527


Changes in Shares Outstanding:
Shares sold			21,750,000				25,350,000				49,650,000				89,850,000
Shares repurchased			(34,200,000	)			(3,600,000	)			(20,700,000	)			(4,050,000	)
Shares outstanding, beginning of year			118,800,000				97,050,000				159,450,000				73,650,000

Shares outstanding, end of year			106,350,000				118,800,000				188,400,000				159,450,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		338


Invesco BulletShares 2025 Corporate Bond ETF (BSCP)								Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)								Invesco BulletShares 2027 Corporate Bond ETF (BSCR)								Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
2023				2022				2023				2022				2023				2022				2023				2022

	$	73,240,881			$	24,392,663			$	56,225,144			$	17,875,906			$	27,851,945			$	9,147,165			$	19,496,485			$	5,348,625
		(1,302,949	)			(1,979,894	)			(1,251,892	)			(487,218	)			(271,098	)			83,696				(1,011,906	)			(430,227	)
		(17,256,884	)			(103,464,527	)			(17,780,727	)			(88,801,017	)			(11,245,889	)			(50,909,214	)			(3,137,424	)			(34,773,113	)

		54,681,048				(81,051,758	)			37,192,525				(71,412,329	)			16,334,958				(41,678,353	)			15,347,155				(29,854,715	)



		(73,303,310	)			(26,353,632	)			(56,153,843	)			(17,893,415	)			(28,023,135	)			(9,217,189	)			(19,483,490	)			(5,392,141	)



		1,382,472,822				717,998,538				882,847,921				812,928,433				623,350,968				192,035,822				454,080,011				82,775,900
		(181,329,404	)			(3,059,546	)			(59,933,094	)			(124,053,130	)			(28,683,552	)			(14,911,677	)			(2,969,517	)			-

		1,201,143,418				714,938,992				822,914,827				688,875,303				594,667,416				177,124,145				451,110,494				82,775,900

		1,182,521,156				607,533,602				803,953,509				599,569,559				582,979,239				126,228,603				446,974,159				47,529,044



		1,664,398,326				1,056,864,724				1,178,454,676				578,885,117				479,526,562				353,297,959				273,454,341				225,925,297

	$	2,846,919,482			$	1,664,398,326			$	1,982,408,185			$	1,178,454,676			$	1,062,505,801			$	479,526,562			$	720,428,500			$	273,454,341



		68,550,000				34,350,000				46,650,000				40,650,000				32,700,000				9,450,000				23,100,000				3,900,000
		(9,000,000	)			(150,000	)			(3,150,000	)			(6,300,000	)			(1,500,000	)			(750,000	)			(150,000	)			-
		81,600,000				47,400,000				61,200,000				26,850,000				24,750,000				16,050,000				13,650,001				9,750,001

		141,150,000				81,600,000				104,700,000				61,200,000				55,950,000				24,750,000				36,600,001				13,650,001


		339

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022


	Invesco BulletShares 2029 Corporate Bond ETF (BSCT)								Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
	2023				2022				2023				2022
Operations:
Net investment income		$	9,920,657			$	2,841,478			$	6,892,666			$	1,596,184
Net realized gain (loss)			(115,395	)			(1,040,126	)			(385,378	)			(183,411	)
Change in net unrealized appreciation (depreciation)			(3,191,345	)			(20,589,075	)			(2,613,034	)			(12,301,573	)

Net increase (decrease) in net assets resulting from operations			6,613,917				(18,787,723	)			3,894,254				(10,888,800	)


Distributions to Shareholders from:
Distributable earnings			(9,894,400	)			(2,861,504	)			(6,959,857	)			(1,543,157	)


Shareholder Transactions:
Proceeds from shares sold			277,316,876				52,115,317				159,096,524				87,105,399
Value of shares repurchased			(7,978,199	)			(14,213,573	)			-				-

Net increase (decrease) in net assets resulting from share transactions			269,338,677				37,901,744				159,096,524				87,105,399

Net increase (decrease) in net assets			266,058,194				16,252,517				156,030,921				74,673,442


Net assets:
Beginning of year			128,461,537				112,209,020				101,364,768				26,691,326

End of year		$	394,519,731			$	128,461,537			$	257,395,689			$	101,364,768


Changes in Shares Outstanding:
Shares sold			15,450,000				2,550,000				9,900,000				4,800,000
Shares repurchased			(450,000	)			(750,000	)			-				-
Shares outstanding, beginning of year			7,050,001				5,250,001				6,150,001				1,350,001

Shares outstanding, end of year			22,050,001				7,050,001				16,050,001				6,150,001

^(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

^(b) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		340


Invesco BulletShares 2031 Corporate Bond ETF (BSCV)								Invesco BulletShares 2032 Corporate Bond ETF (BSCW)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)								Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
2023				2022^(a)				2023^(b)				2023				2022				2023				2022

	$	4,906,520			$	500,915			$	2,190,423			$	33,772,407			$	25,202,258			$	33,081,339			$	18,950,399
		137,586				(11,528	)			(86,900	)			(21,814,976	)			(23,366,965	)			(10,967,121	)			(25,566,209	)
		(2,929,975	)			(4,110,518	)			(1,599,833	)			29,463,169				(38,781,890	)			19,244,305				(31,679,438	)

		2,114,131				(3,621,131	)			503,690				41,420,600				(36,946,597	)			41,358,523				(38,295,248	)



		(4,917,628	)			(497,473	)			(2,192,792	)			(34,524,698	)			(24,466,310	)			(33,430,307	)			(18,591,105	)



		164,738,275				43,387,217				147,541,251				142,585,276				334,867,605				272,660,037				296,465,790
		(7,219,590	)			-				(2,834,641	)			(312,251,563	)			(254,596,094	)			(109,449,136	)			(121,652,218	)

		157,518,685				43,387,217				144,706,610				(169,666,287	)			80,271,511				163,210,901				174,813,572

		154,715,188				39,268,613				143,017,508				(162,770,385	)			18,858,604				171,139,117				117,927,219



		39,268,613				-				-				696,626,916				677,768,312				481,781,761				363,854,542

	$	193,983,801			$	39,268,613			$	143,017,508			$	533,856,531			$	696,626,916			$	652,920,878			$	481,781,761



		10,350,000				2,400,001				7,350,001				6,100,000				13,800,000				12,200,000				12,600,000
		(450,000	)			-				(150,000	)			(13,300,000	)			(10,600,000	)			(4,900,000	)			(5,400,000	)
		2,400,001				-				-				29,900,000				26,700,000				21,700,000				14,500,000

		12,300,001				2,400,001				7,200,001				22,700,000				29,900,000				29,000,000				21,700,000


		341

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022


	Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)								Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
	2023				2022				2023				2022
Operations:
Net investment income		$	38,400,101			$	15,763,276			$	16,035,319			$	7,895,552
Net realized gain (loss)			(5,396,279	)			(5,201,851	)			(5,674,439	)			(2,594,718	)
Change in net unrealized appreciation (depreciation)			16,149,032				(27,991,796	)			7,517,896				(18,035,349	)

Net increase (decrease) in net assets resulting from operations			49,152,854				(17,430,371	)			17,878,776				(12,734,515	)


Distributions to Shareholders from:
Distributable earnings			(37,484,424	)			(15,661,665	)			(16,049,115	)			(7,842,075	)


Shareholder Transactions:
Proceeds from shares sold			764,101,499				200,113,063				127,337,268				164,423,468
Value of shares repurchased			(40,099,794	)			(59,529,955	)			(15,796,746	)			(68,785,831	)

Net increase in net assets resulting from share transactions			724,001,705				140,583,108				111,540,522				95,637,637

Net increase in net assets			735,670,135				107,491,072				113,370,183				75,061,047


Net assets:
Beginning of year			400,386,227				292,895,155				190,828,850				115,767,803

End of year		$	1,136,056,362			$	400,386,227			$	304,199,033			$	190,828,850


Changes in Shares Outstanding:
Shares sold			34,100,000				8,600,000				5,600,000				6,800,000
Shares repurchased			(1,800,000	)			(2,600,000	)			(700,000	)			(2,900,000	)
Shares outstanding, beginning of year			17,900,000				11,900,000				8,400,001				4,500,001

Shares outstanding, end of year			50,200,000				17,900,000				13,300,001				8,400,001

^(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

^(b) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		342


Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)								Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)								Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)								Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
2023				2022				2023				2022				2023				2022^(a)				2023^(b)

	$	4,988,098			$	2,089,010			$	2,616,860			$	950,471			$	916,442			$	409,826			$	495,915
		(1,421,731	)			(1,708,704	)			(865,202	)			(174,696	)			(274,789	)			(286,994	)			(68,303	)
		1,797,667				(5,627,068	)			639,395				(3,295,823	)			220,017				(1,471,881	)			15,783

		5,364,034				(5,246,762	)			2,391,053				(2,520,048	)			861,670				(1,349,049	)			443,395



		(4,974,891	)			(2,291,447	)			(2,606,497	)			(1,017,390	)			(911,111	)			(414,289	)			(496,088	)



		60,538,932				46,007,122				41,934,639				24,854,397				14,176,869				16,537,165				12,397,172
		-				(36,597,116	)			-				(13,344,911	)			(1,979,925	)			(6,591,797	)			-

		60,538,932				9,410,006				41,934,639				11,509,486				12,196,944				9,945,368				12,397,172

		60,928,075				1,871,797				41,719,195				7,972,048				12,147,503				8,182,030				12,344,479



		45,380,297				43,508,500				23,319,155				15,347,107				8,182,030				-				-

	$	106,308,372			$	45,380,297			$	65,038,350			$	23,319,155			$	20,329,533			$	8,182,030			$	12,344,479



		2,800,000				2,000,000				2,000,000				1,100,000				700,000				700,001				500,001
		-				(1,600,000	)			-				(600,000	)			(100,000	)			(300,000	)			-
		2,100,001				1,700,001				1,100,001				600,001				400,001				-				-

		4,900,001				2,100,001				3,100,001				1,100,001				1,000,001				400,001				500,001


		343

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022


	Invesco BulletShares 2023 Municipal Bond ETF (BSMN)								Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
	2023				2022				2023				2022
Operations:
Net investment income		$	2,932,042			$	371,043			$	3,319,883			$	467,336
Net realized gain (loss)			(146,636	)			(1,529	)			(35,194	)			(9,713	)
Change in net unrealized appreciation (depreciation)			751,360				(1,224,223	)			(191,761	)			(2,044,958	)

Net increase (decrease) in net assets resulting from operations			3,536,766				(854,709	)			3,092,928				(1,587,335	)


Distributions to Shareholders from:
Distributable earnings			(2,985,406	)			(303,153	)			(3,395,614	)			(354,891	)


Shareholder Transactions:
Proceeds from shares sold			72,505,261				60,292,358				101,050,182				59,772,394
Value of shares repurchased			(27,605,327	)			-				-				-
Transaction fees			181,263				150,731				252,625				149,431

Net increase in net assets resulting from share transactions			45,081,197				60,443,089				101,302,807				59,921,825

Net increase in net assets			45,632,557				59,285,227				101,000,121				57,979,599


Net assets:
Beginning of year			95,145,316				35,860,089				94,085,777				36,106,178

End of year.		$	140,777,873			$	95,145,316			$	195,085,898			$	94,085,777


Changes in Shares Outstanding:
Shares sold			2,900,000				2,400,000				4,100,000				2,400,000
Shares repurchased			(1,100,000	)			-				-				-
Shares outstanding, beginning of year			3,800,001				1,400,001				3,800,001				1,400,001

Shares outstanding, end of year			5,600,001				3,800,001				7,900,001				3,800,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		344


Invesco BulletShares 2025 Municipal Bond ETF (BSMP)								Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)								Invesco BulletShares 2027 Municipal Bond ETF (BSMR)								Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
2023				2022				2023				2022				2023				2022				2023				2022

	$	2,764,069			$	505,448			$	2,139,596			$	418,755			$	1,779,822			$	250,611			$	1,347,779			$	272,732
		(296,759	)			(39,891	)			(251,703	)			(213,595	)			(13,991	)			3,202				(251,344	)			(194,358	)
		(526,414	)			(3,191,154	)			(569,644	)			(2,591,519	)			(469,520	)			(1,828,206	)			(56,364	)			(2,338,971	)

		1,940,896				(2,725,597	)			1,318,249				(2,386,359	)			1,296,311				(1,574,393	)			1,040,071				(2,260,597	)



		(2,772,968	)			(493,252	)			(2,174,116	)			(388,496	)			(1,774,812	)			(240,954	)			(1,345,331	)			(296,320	)



		91,981,102				39,618,160				72,368,765				21,770,235				65,296,405				9,570,573				48,379,989				5,072,845
		-				-				-				-				-				-				-				-
		229,953				99,045				180,922				54,426				163,241				23,926				120,950				6,473

		92,211,055				39,717,205				72,549,687				21,824,661				65,459,646				9,594,499				48,500,939				5,079,318

		91,378,983				36,498,356				71,693,820				19,049,806				64,981,145				7,779,152				48,195,679				2,522,401



		75,530,372				39,032,016				42,441,010				23,391,204				25,918,665				18,139,513				20,941,721				18,419,320

	$	166,909,355			$	75,530,372			$	114,134,830			$	42,441,010			$	90,899,810			$	25,918,665			$	69,137,400			$	20,941,721



		3,800,000				1,600,000				3,100,000				900,000				2,800,000				400,000				2,100,000				200,000
		-				-				-				-				-				-				-				-
		3,100,001				1,500,001				1,800,001				900,001				1,100,001				700,001				900,001				700,001

		6,900,001				3,100,001				4,900,001				1,800,001				3,900,001				1,100,001				3,000,001				900,001


		345

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022


	Invesco BulletShares 2029 Municipal Bond ETF (BSMT)								Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
	2023				2022				2023				2022
Operations:
Net investment income		$	1,019,668			$	252,159			$	982,107			$	236,260
Net realized gain (loss)			(251,014	)			(347,797	)			(371,718	)			(683,550	)
Change in net unrealized appreciation (depreciation)			(5,521	)			(1,972,703	)			(285,726	)			(1,529,268	)

Net increase (decrease) in net assets resulting from operations			763,133				(2,068,341	)			324,663				(1,976,558	)


Distributions to Shareholders from:
Distributable earnings			(1,015,265	)			(250,501	)			(982,991	)			(226,881	)


Shareholder Transactions:
Proceeds from shares sold			29,480,296				4,909,723				28,348,103				18,351,538
Transaction fees			73,701				12,274				70,870				45,879

Net increase in net assets resulting from share transactions			29,553,997				4,921,997				28,418,973				18,397,417

Net increase in net assets			29,301,865				2,603,155				27,760,645				16,193,978


Net assets:
Beginning of year			18,314,169				15,711,014				23,878,248				7,684,270

End of year		$	47,616,034			$	18,314,169			$	51,638,893			$	23,878,248


Changes in Shares Outstanding:
Shares sold			1,300,000				200,000				1,300,000				800,000
Shares outstanding, beginning of year			800,001				600,001				1,100,001				300,001

Shares outstanding, end of year			2,100,001				800,001				2,400,001				1,100,001

^(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

^(b) For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		346


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)								Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
2023				2022^(a)				2023^(b)

	$	468,815			$	157,617			$	139,743
		(75,360	)			(832,344	)			156
		(359,114	)			(818,669	)			(371,433	)

		34,341				(1,493,396	)			(231,534	)



		(473,004	)			(153,624	)			(142,431	)



		16,906,619				14,057,456				20,171,154
		42,267				22,644				37,928

		16,948,886				14,080,100				20,209,082

		16,510,223				12,433,080				19,835,117



		12,433,080				-				-

	$	28,943,303			$	12,433,080			$	19,835,117



		800,000				600,001				800,001
		600,001				-				-

		1,400,001				600,001				800,001


		347

Financial Highlights

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	20.95		$	21.69		$	21.86		$	21.30		$	20.27

Net investment income^(a)		0.57			0.29			0.38			0.56			0.64
Net realized and unrealized gain (loss) on investments		0.27			(0.68	)		(0.16	)		0.57			1.03

Total from investment operations		0.84			(0.39	)		0.22			1.13			1.67

Distributions to shareholders from:
Net investment income		(0.57	)		(0.29	)		(0.39	)		(0.57	)		(0.64	)
Net realized gains		-			(0.06	)		(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)

Total distributions		(0.57	)		(0.35	)		(0.39	)		(0.57	)		(0.64	)

Net asset value at end of year	$	21.22		$	20.95		$	21.69		$	21.86		$	21.30

Market price at end of year^(c)	$	21.22		$	20.94		$	21.71		$	21.88		$	21.35

Net Asset Value Total Return^(d)		4.04	%		(1.81	)%		1.01	%		5.43	%		8.44	%
Market Price Total Return^(d)		4.09	%		(1.95	)%		1.02	%		5.28	%		8.47	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,256,494		$	2,488,331		$	2,105,230		$	1,341,078		$	824,159
Ratio to average net assets of:
Expenses, after Waivers		0.09	%		0.10	%		0.10	%		0.10	%		0.10	%
Expenses, prior to Waivers		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		2.72	%		1.37	%		1.75	%		2.63	%		3.11	%
Portfolio turnover rate^(e)		4	%		16	%		12	%		9	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		348

Financial Highlights–(continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	20.69		$	22.16		$	22.26		$	21.44		$	20.15

Net investment income^(a)		0.57			0.41			0.44			0.58			0.68
Net realized and unrealized gain (loss) on investments		(0.03	)^(b)		(1.45	)		(0.09	)		0.83			1.30

Total from investment operations		0.54			(1.04	)		0.35			1.41			1.98

Distributions to shareholders from:
Net investment income		(0.57	)		(0.39	)		(0.45	)		(0.59	)		(0.69	)
Net realized gains		-			(0.04	)		-			-			-

Total distributions		(0.57	)		(0.43	)		(0.45	)		(0.59	)		(0.69	)

Net asset value at end of year	$	20.66		$	20.69		$	22.16		$	22.26		$	21.44

Market price at end of year^(c)	$	20.67		$	20.67		$	22.18		$	22.28		$	21.50

Net Asset Value Total Return^(d)		2.67	%		(4.76	)%		1.59	%		6.72	%		10.08	%
Market Price Total Return^(d)		2.81	%		(4.93	)%		1.59	%		6.51	%		10.11	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	3,892,632		$	3,299,476		$	1,632,038		$	1,085,251		$	575,698
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		2.79	%		1.93	%		2.00	%		2.70	%		3.29	%
Portfolio turnover rate^(e)		3	%		11	%		7	%		6	%		5	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		349

Financial Highlights–(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	20.40		$	22.30		$	22.44		$	21.41		$	19.89

Net investment income^(a)		0.64			0.41			0.41			0.60			0.70
Net realized and unrealized gain (loss) on investments		(0.25	)		(1.88	)		(0.13	)		1.05			1.51

Total from investment operations		0.39			(1.47	)		0.28			1.65			2.21

Distributions to shareholders from:
Net investment income		(0.62	)		(0.39	)		(0.42	)		(0.62	)		(0.69	)
Net realized gains		-			(0.04	)		-			-			-

Total distributions		(0.62	)		(0.43	)		(0.42	)		(0.62	)		(0.69	)

Net asset value at end of year	$	20.17		$	20.40		$	22.30		$	22.44		$	21.41

Market price at end of year^(b)	$	20.18		$	20.37		$	22.31		$	22.45		$	21.44

Net Asset Value Total Return^(c)		1.99	%		(6.63	)%		1.25	%		7.86	%		11.39	%
Market Price Total Return^(c)		2.19	%		(6.81	)%		1.25	%		7.75	%		11.14	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,846,919		$	1,664,398		$	1,056,865		$	632,834		$	311,561
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		3.20	%		1.93	%		1.85	%		2.77	%		3.42	%
Portfolio turnover rate^(d)		1	%		10	%		8	%		9	%		3	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		350

Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	19.26		$	21.56		$	21.75		$	20.57		$	18.84

Net investment income^(a)		0.65			0.43			0.43			0.57			0.66
Net realized and unrealized gain (loss) on investments		(0.34	)		(2.31	)		(0.18	)		1.20			1.71

Total from investment operations		0.31			(1.88	)		0.25			1.77			2.37

Distributions to shareholders from:
Net investment income		(0.64	)		(0.42	)		(0.44	)		(0.58	)		(0.66	)
Net realized gains		-			(0.00	)^(b)		-			(0.02	)		(0.00	)^(b)

Total distributions		(0.64	)		(0.42	)		(0.44	)		(0.60	)		(0.66	)

Transaction fees^(a)		-			-			-			0.01			0.02

Net asset value at end of year	$	18.93		$	19.26		$	21.56		$	21.75		$	20.57

Market price at end of year^(c)	$	18.94		$	19.21		$	21.58		$	21.78		$	20.62

Net Asset Value Total Return^(d)		1.64	%		(8.79	)%		1.16	%		8.85	%		13.05	%
Market Price Total Return^(d)		1.95	%		(9.11	)%		1.11	%		8.73	%		13.07	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,982,408		$	1,178,455		$	578,885		$	293,682		$	132,679
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		3.42	%		2.17	%		2.01	%		2.76	%		3.42	%
Portfolio turnover rate^(e)		1	%		4	%		2	%		7	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		351

Financial Highlights–(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	19.37		$	22.01		$	22.06		$	20.99		$	19.13

Net investment income^(a)		0.68			0.46			0.47			0.60			0.71
Net realized and unrealized gain (loss) on investments		(0.39	)		(2.64	)		(0.05	)		1.08			1.84

Total from investment operations		0.29			(2.18	)		0.42			1.68			2.55

Distributions to shareholders from:
Net investment income		(0.66	)		(0.45	)		(0.47	)		(0.61	)		(0.72	)
Net realized gains		(0.01	)		(0.01	)		-			(0.01	)		-

Total distributions		(0.67	)		(0.46	)		(0.47	)		(0.62	)		(0.72	)

Transaction fees^(a)		-			-			-			0.01			0.03

Net asset value at end of year	$	18.99		$	19.37		$	22.01		$	22.06		$	20.99

Market price at end of year^(b)	$	19.00		$	19.29		$	22.04		$	22.07		$	21.05

Net Asset Value Total Return^(c)		1.53	%		(9.99	)%		1.94	%		8.25	%		13.87	%
Market Price Total Return^(c)		2.01	%		(10.48	)%		2.04	%		7.98	%		14.01	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,062,506		$	479,527		$	353,298		$	231,616		$	72,410
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%		0.10	%		0.11	%^(d)
Net investment income		3.60	%		2.26	%		2.15	%		2.83	%		3.64	%^(d)
Portfolio turnover rate^(e)		1	%		4	%		2	%		7	%		3	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		352

Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	20.03		$	23.17		$	23.25		$	22.11		$	20.06

Net investment income^(a)		0.76			0.47			0.52			0.64			0.77
Net realized and unrealized gain (loss) on investments		(0.38	)		(3.13	)		(0.09	)^(b)		1.12			1.97

Total from investment operations		0.38			(2.66	)		0.43			1.76			2.74

Distributions to shareholders from:
Net investment income		(0.73	)		(0.47	)		(0.51	)		(0.65	)		(0.76	)
Net realized gains		-			(0.01	)		-			(0.00	)^(c)		-

Total distributions		(0.73	)		(0.48	)		(0.51	)		(0.65	)		(0.76	)

Transaction fees^(a)		-			-			-			0.03			0.07

Net asset value at end of year	$	19.68		$	20.03		$	23.17		$	23.25		$	22.11

Market price at end of year^(d)	$	19.69		$	19.96		$	23.18		$	23.25		$	22.17

Net Asset Value Total Return^(e)		1.97	%		(11.62	)%		1.90	%		8.33	%		14.38	%
Market Price Total Return^(e)		2.38	%		(11.96	)%		1.95	%		8.03	%		14.51	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	720,429		$	273,454		$	225,925		$	129,018		$	36,483
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%		0.10	%		0.12	%^(f)
Net investment income		3.86	%		2.20	%		2.24	%		2.89	%		3.74	%^(f)
Portfolio turnover rate^(g)		1	%		7	%		2	%		3	%		1	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		353

Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)


	Years Ended August 31,									For the Period September 10, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	18.22		$	21.37		$	21.51			$	20.00

Net investment income^(b)		0.69			0.43			0.42				0.51
Net realized and unrealized gain (loss) on investments		(0.38	)		(3.15	)		(0.14	)			1.47

Total from investment operations		0.31			(2.72	)		0.28				1.98

Distributions to shareholders from:
Net investment income		(0.64	)		(0.43	)		(0.42	)			(0.51	)
Net realized gains		-			(0.00	)^(c)		-				-

Total distributions		(0.64	)		(0.43	)		(0.42	)			(0.51	)

Transaction fees^(b)		-			-			-				0.04

Net asset value at end of period	$	17.89		$	18.22		$	21.37			$	21.51

Market price at end of period^(d)	$	17.90		$	18.14		$	21.39			$	21.51

Net Asset Value Total Return^(e)		1.79	%		(12.84	)%		1.31	%			10.29	%^(f)
Market Price Total Return^(e)		2.29	%		(13.30	)%		1.41	%			10.28	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	394,520		$	128,462		$	112,209			$	25,815
Ratio to average net assets of:
Expenses		0.10	%		0.10	%		0.10	%			0.10	%^(g)
Net investment income		3.85	%		2.19	%		1.98	%			2.55	%^(g)
Portfolio turnover rate^(h)		1	%		6	%		0	%⁽ⁱ⁾			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.

^(g)	Annualized.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

⁽ⁱ⁾	Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		354

Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)


	Years Ended August 31,						For the Period September 14, 2020^(a) Through August 31,
	2023			2022			2021
Per Share Operating Performance:
Net asset value at beginning of period	$	16.48		$	19.77			$	20.00

Net investment income^(b)		0.65			0.45				0.36
Net realized and unrealized gain (loss) on investments		(0.45	)		(3.32	)			(0.27	)

Total from investment operations		0.20			(2.87	)			0.09

Distributions to shareholders from:
Net investment income		(0.64	)		(0.42	)			(0.32	)

Net asset value at end of period	$	16.04		$	16.48			$	19.77

Market price at end of period^(c)	$	16.03		$	16.38			$	19.79

Net Asset Value Total Return^(d)		1.27	%		(14.67	)%			0.45	%^(e)
Market Price Total Return^(d)		1.82	%		(15.27	)%			0.55	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	257,396		$	101,365			$	26,691
Ratio to average net assets of:
Expenses		0.10	%		0.10	%			0.10	%^(f)
Net investment income		4.06	%		2.60	%			1.89	%^(f)
Portfolio turnover rate^(g)		0	%		3	%			3	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		355

Financial Highlights–(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)


	Year Ended August 31, 2023				For the Period September 13, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	16.36			$	20.00

Net investment income^(b)			0.73				0.47
Net realized and unrealized gain (loss) on investments			(0.62	)			(3.68	)

Total from investment operations			0.11				(3.21	)

Distributions to shareholders from:
Net investment income			(0.70	)			(0.43	)

Net asset value at end of period		$	15.77			$	16.36

Market price at end of period^(c)		$	15.77			$	16.30

Net Asset Value Total Return^(d)			0.73	%			(16.17	)%^(e)
Market Price Total Return^(d)			1.10	%			(16.48	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	193,984			$	39,269
Ratio to average net assets of:
Expenses			0.10	%			0.10	%^(f)
Net investment income			4.63	%			2.81	%^(f)
Portfolio turnover rate^(g)			0	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		356

Financial Highlights–(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)


	For the Period September 6, 2022^(a) Through August 31, 2023
Per Share Operating Performance:
Net asset value at beginning of period		$	20.00

Net investment income^(b)			0.99
Net realized and unrealized gain (loss) on investments			(0.25	)

Total from investment operations			0.74

Distributions to shareholders from:
Net investment income			(0.88	)

Net asset value at end of period		$	19.86

Market price at end of period^(c)		$	19.86

Net Asset Value Total Return^(d)			3.74	%^(e)
Market Price Total Return^(d)			3.75	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	143,018
Ratio to average net assets of:
Expenses			0.10	%^(f)
Net investment income			5.08	%^(f)
Portfolio turnover rate^(g)			7	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		357

Financial Highlights–(continued)

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	23.30		$	25.38		$	24.83		$	25.92		$	26.14

Net investment income^(a)		1.15			0.87			1.00			1.26			1.45
Net realized and unrealized gain (loss) on investments		0.25			(2.11	)		0.57			(1.09	)		(0.22	)

Total from investment operations		1.40			(1.24	)		1.57			0.17			1.23

Distributions to shareholders from:
Net investment income		(1.18	)		(0.84	)		(1.02	)		(1.27	)		(1.47	)
Net realized gains		-			-			-			-			(0.02	)

Total distributions		(1.18	)		(0.84	)		(1.02	)		(1.27	)		(1.49	)

Transaction fees^(a)		-			-			-			0.01			0.04

Net asset value at end of year	$	23.52		$	23.30		$	25.38		$	24.83		$	25.92

Market price at end of year^(b)	$	23.53		$	23.26		$	25.38		$	24.81		$	25.98

Net Asset Value Total Return^(c)		6.16	%		(4.95	)%		6.43	%		0.84	%		5.06	%
Market Price Total Return^(c)		6.39	%		(5.11	)%		6.51	%		0.54	%		4.97	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	533,857		$	696,627		$	677,768		$	389,907		$	243,691
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.42	%^(d)		0.41	%		0.42	%
Expenses, prior to Waivers		0.42	%		0.42	%		0.42	%^(d)		0.42	%
Net investment income		4.93	%		3.55	%		3.97	%		5.10	%		5.64	%
Portfolio turnover rate^(e)		67	%		48	%		39	%		47	%		19	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		358

Financial Highlights–(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	22.20		$	25.09		$	24.34		$	25.20		$	24.85

Net investment income^(a)		1.34			1.00			1.06			1.17			1.34
Net realized and unrealized gain (loss) on investments		0.31			(2.91	)		0.75			(0.87	)		0.39

Total from investment operations		1.65			(1.91	)		1.81			0.30			1.73

Distributions to shareholders from:
Net investment income		(1.34	)		(0.98	)		(1.06	)		(1.18	)		(1.37	)
Net realized gains		-			-			-			-			(0.05	)

Total distributions		(1.34	)		(0.98	)		(1.06	)		(1.18	)		(1.42	)

Transaction fees^(a)		-			-			-			0.02			0.04

Net asset value at end of year	$	22.51		$	22.20		$	25.09		$	24.34		$	25.20

Market price at end of year^(b)	$	22.54		$	22.14		$	25.10		$	24.34		$	25.22

Net Asset Value Total Return^(c)		7.70	%		(7.76	)%		7.60	%		1.45	%		7.44	%
Market Price Total Return^(c)		8.13	%		(8.04	)%		7.64	%		1.38	%		7.22	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	652,921		$	481,782		$	363,855		$	175,241		$	98,261
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%^(d)
Expenses, prior to Waivers		0.42	%		0.42	%		0.42	%		0.42	%		0.43	%^(d)
Net investment income		6.01	%		4.24	%		4.26	%		4.84	%		5.43	%^(d)
Portfolio turnover rate^(e)		78	%		58	%		52	%		34	%		22	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		359

Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	22.37		$	24.61		$	23.77		$	24.48		$	24.28

Net investment income^(a)		1.49			1.10			1.10			1.27			1.43
Net realized and unrealized gain (loss) on investments		0.19			(2.26	)		0.85			(0.71	)		0.15

Total from investment operations		1.68			(1.16	)		1.95			0.56			1.58

Distributions to shareholders from:
Net investment income		(1.42	)		(1.08	)		(1.11	)		(1.29	)		(1.43	)

Transaction fees^(a)		-			-			-			0.02			0.05

Net asset value at end of year	$	22.63		$	22.37		$	24.61		$	23.77		$	24.48

Market price at end of year^(b)	$	22.67		$	22.28		$	24.63		$	23.74		$	24.53

Net Asset Value Total Return^(c)		7.79	%		(4.84	)%		8.37	%		2.58	%		7.06	%
Market Price Total Return^(c)		8.41	%		(5.29	)%		8.60	%		2.26	%		7.15	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,136,056		$	400,386		$	292,895		$	130,753		$	75,879
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%^(d)
Expenses, prior to Waivers		0.42	%		0.42	%		0.42	%		0.42	%		0.43	%^(d)
Net investment income		6.69	%		4.66	%		4.52	%		5.42	%		5.98	%^(d)
Portfolio turnover rate^(e)		33	%		42	%		57	%		26	%		14	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		360

Financial Highlights–(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)


	Years Ended August 31,
	2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of year		$	22.72			$	25.73			$	24.93			$	25.70			$	25.14

Net investment income^(a)			1.46				1.18				1.12				1.24				1.45
Net realized and unrealized gain (loss) on investments			0.13				(3.02	)			0.80				(0.74	)			0.51

Total from investment operations			1.59				(1.84	)			1.92				0.50				1.96

Distributions to shareholders from:
Net investment income			(1.44	)			(1.17	)			(1.12	)			(1.28	)			(1.51	)
Net realized gains			-				-				-				(0.02	)			-

Total distributions			(1.44	)			(1.17	)			(1.12	)			(1.30	)			(1.51	)

Transaction fees^(a)			-				-				-				0.03				0.11

Net asset value at end of year		$	22.87			$	22.72			$	25.73			$	24.93			$	25.70

Market price at end of year^(b)		$	22.90			$	22.59			$	25.74			$	24.88			$	25.75

Net Asset Value Total Return^(c)			7.29	%			(7.33	)%			7.86	%			2.31	%			8.62	%
Market Price Total Return^(c)			8.04	%			(7.89	)%			8.12	%			1.91	%			8.80	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	304,199			$	190,829			$	115,768			$	74,780			$	25,702
Ratio to average net assets of:
Expenses, after Waivers			0.42	%			0.42	%			0.42	%			0.42	%			0.44	%^(d)
Expenses, prior to Waivers			0.42	%			0.42	%			0.42	%			0.42	%			0.45	%^(d)
Net investment income			6.45	%			4.88	%			4.41	%			5.07	%			5.79	%^(d)
Portfolio turnover rate^(e)			14	%			32	%			37	%			35	%			48	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		361

Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)


	Years Ended August 31,									For the Period September 10, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	21.61		$	25.59		$	24.91			$	25.00

Net investment income^(b)		1.40			1.08			1.08				1.15
Net realized and unrealized gain (loss) on investments		0.04			(3.85	)		0.70				(0.27	)

Total from investment operations		1.44			(2.77	)		1.78				0.88

Distributions to shareholders from:
Net investment income		(1.35	)		(1.10	)		(1.10	)			(1.06	)
Net realized gains		-			(0.11	)		-				-

Total distributions		(1.35	)		(1.21	)		(1.10	)			(1.06	)

Transaction fees^(b)		-			-			-				0.09

Net asset value at end of period	$	21.70		$	21.61		$	25.59			$	24.91

Market price at end of period^(c)	$	21.74		$	21.48		$	25.61			$	24.84

Net Asset Value Total Return^(d)		6.95	%		(11.14	)%		7.29	%			4.12	%^(e)
Market Price Total Return^(d)		7.78	%		(11.75	)%		7.68	%			3.84	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	106,308		$	45,380		$	43,509			$	19,925
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.42	%			0.41	%^(f)
Expenses, prior to Waivers		0.42	%		0.42	%		0.42	%			0.42	%^(f)
Net investment income		6.52	%		4.52	%		4.25	%			4.90	%^(f)
Portfolio turnover rate^(g)		10	%		25	%		33	%			56	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		362

Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)


	Years Ended August 31,								For the Period September 14, 2020^(a) Through August 31,
	2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.20			$	25.58			$	25.00

Net investment income^(b)			1.42				1.16				1.03
Net realized and unrealized gain (loss) on investments			(0.27	)			(4.30	)			0.51

Total from investment operations			1.15				(3.14	)			1.54

Distributions to shareholders from:
Net investment income			(1.37	)			(1.14	)			(0.96	)
Net realized gains			-				(0.10	)			-

Total distributions			(1.37	)			(1.24	)			(0.96	)

Net asset value at end of period		$	20.98			$	21.20			$	25.58

Market price at end of period^(c)		$	21.02			$	21.13			$	25.61
Net Asset Value Total Return^(d)			5.70	%			(12.60	)%			6.25	%^(e)
Market Price Total Return^(d)			6.23	%			(12.99	)%			6.37	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	65,038			$	23,319			$	15,347
Ratio to average net assets of:
Expenses			0.42	%			0.42	%			0.43	%^(f)
Net investment income			6.80	%			4.99	%			4.21	%^(f)
Portfolio turnover rate^(g)			5	%			17	%			33	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		363

Financial Highlights–(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)


	Year Ended August 31, 2023				For the Period September 13, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.46			$	25.00

Net investment income^(b)			1.30				1.07

Net realized and unrealized gain (loss) on investments			(0.16	)			(4.59	)

Total from investment operations			1.14				(3.52	)

Distributions to shareholders from:
Net investment income			(1.27	)			(1.02	)

Net asset value at end of period		$	20.33			$	20.46

Market price at end of period^(c)		$	20.38			$	20.41

Net Asset Value Total Return^(d)			5.82	%			(14.35	)%^(e)
Market Price Total Return^(d)			6.32	%			(14.56	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,330			$	8,182
Ratio to average net assets of:
Expenses			0.42	%			0.42	%^(f)
Net investment income			6.45	%			5.01	%^(f)
Portfolio turnover rate^(g)			6	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		364

Financial Highlights–(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)


	For the Period September 6, 2022^(a) Through August 31, 2023
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			1.75
Net realized and unrealized gain (loss) on investments			(0.35	)

Total from investment operations			1.40

Distributions to shareholders from:
Net investment income			(1.71	)

Net asset value at end of period		$	24.69

Market price at end of period^(c)		$	24.73

Net Asset Value Total Return^(d)			5.91	%^(e)
Market Price Total Return^(d)			6.06	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	12,344
Ratio to average net assets of:
Expenses			0.42	%^(f)
Net investment income			7.25	%^(f)
Portfolio turnover rate^(g)			11	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		365

Financial Highlights–(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)


	Years Ended August 31,												For the Period September 23, 2019^(a) Through August 31,
	2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.04			$	25.61			$	25.47			$	25.00

Net investment income^(b)			0.52				0.19				0.14				0.26
Net realized and unrealized gain (loss) on investments			0.07				(0.70	)			0.09				0.47

Total from investment operations			0.59				(0.51	)			0.23				0.73

Distributions to shareholders from:
Net investment income			(0.52	)			(0.14	)			(0.14	)			(0.26	)

Transaction fees^(b)			0.03				0.08				0.05				-

Net asset value at end of period		$	25.14			$	25.04			$	25.61			$	25.47

Market price at end of period^(c)		$	25.08			$	25.10			$	25.69			$	25.53

‘Net Asset Value Total Return^(d)			2.50	%			(1.70	)%			1.12	%			2.94	%^(e)
Market Price Total Return^(d)			2.01	%			(1.77	)%			1.19	%			3.18	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	140,778			$	95,145			$	35,860			$	15,284
Ratio to average net assets of:
Expenses			0.18	%			0.18	%			0.18	%			0.18	%^(f)
Net investment income			2.08	%			0.74	%			0.55	%			1.08	%^(f)
Portfolio turnover rate^(g)			72	%			4	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		366

Financial Highlights–(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	24.76		$	25.79		$	25.52			$	25.00

Net investment income^(b)		0.51			0.22			0.17				0.30
Net realized and unrealized gain (loss) on investments		(0.12	)		(1.17	)		0.22				0.52

Total from investment operations		0.39			(0.95	)		0.39				0.82

Distributions to shareholders from:
Net investment income		(0.50	)		(0.15	)		(0.18	)			(0.30	)

Transaction fees^(b)		0.04			0.07			0.06				-

Net asset value at end of period	$	24.69		$	24.76		$	25.79			$	25.52

Market price at end of period^(c)	$	24.72		$	24.83		$	25.87			$	25.62

Net Asset Value Total Return^(d)		1.76	%		(3.40	)%		1.77	%			3.30	%^(e)
Market Price Total Return^(d)		1.58	%		(3.43	)%		1.69	%			3.71	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	195,086		$	94,086		$	36,106			$	12,762
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.06	%		0.90	%		0.67	%			1.26	%^(f)
Portfolio turnover rate^(g)		3	%		1	%		0	%			0	%

^(a) Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		367

Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	24.36		$	26.02		$	25.71			$	25.00

Net investment income^(b)		0.51			0.24			0.22				0.33
Net realized and unrealized gain (loss) on investments		(0.23	)		(1.73	)		0.25				0.71

Total from investment operations		0.28			(1.49	)		0.47				1.04

Distributions to shareholders from:
Net investment income		(0.49	)		(0.22	)		(0.23	)			(0.33	)

Transaction fees^(b)		0.04			0.05			0.07				-

Net asset value at end of period	$	24.19		$	24.36		$	26.02			$	25.71

Market price at end of period^(c)	$	24.26		$	24.40		$	26.08			$	25.78

Net Asset Value Total Return^(d)		1.34	%		(5.56	)%		2.12	%			4.19	%^(e)
Market Price Total Return^(d)		1.45	%		(5.62	)%		2.08	%			4.48	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	166,909		$	75,530		$	39,032			$	10,282
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.10	%		0.97	%		0.84	%			1.39	%^(f)
Portfolio turnover rate^(g)		5	%		2	%		0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		368

Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	23.58		$	25.99		$	25.48			$	25.00

Net investment income^(b)		0.57			0.33			0.31				0.40
Net realized and unrealized gain (loss) on investments		(0.35	)		(2.48	)		0.49				0.48

Total from investment operations		0.22			(2.15	)		0.80				0.88

Distributions to shareholders from:
Net investment income		(0.56	)		(0.30	)		(0.32	)			(0.40	)

Transaction fees^(b)		0.05			0.04			0.03				-

Net asset value at end of period	$	23.29		$	23.58		$	25.99			$	25.48

Market price at end of period^(c)	$	23.36		$	23.61		$	26.07			$	25.54

Net Asset Value Total Return^(d)		1.16	%		(8.16	)%		3.27	%			3.58	%^(e)
Market Price Total Return^(d)		1.33	%		(8.32	)%		3.34	%			3.83	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	114,135		$	42,441		$	23,391			$	12,740
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.42	%		1.36	%		1.22	%			1.70	%^(f)
Portfolio turnover rate^(g)		7	%		11	%		0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		369

Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	23.56		$	25.91		$	25.34			$	25.00

Net investment income^(b)		0.61			0.30			0.26				0.37
Net realized and unrealized gain (loss) on investments		(0.35	)		(2.40	)		0.57				0.26

Total from investment operations		0.26			(2.10	)		0.83				0.63

Distributions to shareholders from:
Net investment income		(0.57	)		(0.28	)		(0.27	)			(0.36	)
Return of capital		-			-			-				(0.04	)

Total distributions		(0.57	)		(0.28	)		(0.27	)			(0.40	)

Transaction fees^(b)		0.06			0.03			0.01				0.11

Net asset value at end of period	$	23.31		$	23.56		$	25.91			$	25.34

Market price at end of period^(c)	$	23.36		$	23.58		$	25.95			$	25.42

Net Asset Value Total Return^(d)		1.37	%		(8.03	)%		3.32	%			3.02	%^(e)
Market Price Total Return^(d)		1.50	%		(8.09	)%		3.15	%			3.34	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	90,900		$	25,919		$	18,140			$	15,204
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.59	%		1.23	%		1.03	%			1.58	%^(f)
Portfolio turnover rate^(g)		2	%		9	%		0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		370

Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	23.27		$	26.31		$	25.70			$	25.00

Net investment income^(b)		0.58			0.34			0.38				0.43
Net realized and unrealized gain (loss) on investments		(0.31	)		(3.03	)		0.55				0.69

Total from investment operations		0.27			(2.69	)		0.93				1.12

Distributions to shareholders from:
Net investment income		(0.54	)		(0.33	)		(0.40	)			(0.42	)
Net realized gains		-			(0.03	)		-				-

Total distributions		(0.54	)		(0.36	)		(0.40	)			(0.42	)

Transaction fees^(b)		0.05			0.01			0.08				-

Net asset value at end of period	$	23.05		$	23.27		$	26.31			$	25.70

Market price at end of period^(c)	$	23.12		$	23.27		$	26.36			$	25.76

Net Asset Value Total Return^(d)		1.40	%		(10.23	)%		3.95	%			4.56	%^(e)
Market Price Total Return^(d)		1.70	%		(10.41	)%		3.91	%			4.80	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	69,137		$	20,942		$	18,419			$	5,141
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.50	%		1.36	%		1.45	%			1.80	%^(f)
Portfolio turnover rate^(g)		4	%		6	%		4	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)	Annualized.

^(g⁾	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		371

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)


	Years Ended August 31,									For the Period September 23, 2019^(a) Through August 31,
	2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period	$	22.89		$	26.18		$	25.67			$	25.00

Net investment income^(b)		0.58			0.36			0.36				0.44
Net realized and unrealized gain (loss) on investments		(0.29	)		(3.31	)		0.47				0.67

Total from investment operations		0.29			(2.95	)		0.83				1.11

Distributions to shareholders from:
Net investment income		(0.55	)		(0.36	)		(0.39	)			(0.44	)

Transaction fees^(b)		0.04			0.02			0.07				-

Net asset value at end of period	$	22.67		$	22.89		$	26.18			$	25.67

Market price at end of period^(c)	$	22.70		$	22.91		$	26.24			$	25.70

Net Asset Value Total Return^(d)		1.44	%		(11.28	)%		3.52	%			4.52	%^(e)
Market Price Total Return^(d)		1.48	%		(11.41	)%		3.63	%			4.64	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	47,616		$	18,314		$	15,711			$	5,133
Ratio to average net assets of:
Expenses		0.18	%		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.53	%		1.48	%		1.40	%			1.88	%^(f)
Portfolio turnover rate^(g)		6	%		13	%		0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		372

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)


	Years Ended August 31,						For the Period September 14, 2020^(a) Through August 31,
	2023			2022			2021
Per Share Operating Performance:
Net asset value at beginning of period	$	21.71		$	25.61			$	25.00

Net investment income^(b)		0.58			0.44				0.37
Net realized and unrealized gain (loss) on investments		(0.24	)		(4.01	)			0.59

Total from investment operations		0.34			(3.57	)			0.96

Distributions to shareholders from:
Net investment income		(0.57	)		(0.41	)			(0.35	)

Transaction fees^(b)		0.04			0.08				-

Net asset value at end of period	$	21.52		$	21.71			$	25.61

Market price at end of period^(c)	$	21.56		$	21.72			$	25.69

Net Asset Value Total Return^(d)		1.77	%		(13.72	)%			3.87	%^(e)
Market Price Total Return^(d)		1.91	%		(13.95	)%			4.19	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	51,639		$	23,878			$	7,684
Ratio to average net assets of:
Expenses		0.18	%		0.18	%			0.18	%^(f)
Net investment income		2.68	%		1.89	%			1.52	%^(f)
Portfolio turnover rate^(g)		11	%		28	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		373

Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)


	Year Ended August 31, 2023				For the Period September 13, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.72			$	25.00

Net investment income^(b)			0.54				0.41
Net realized and unrealized gain (loss) on investments			(0.10	)			(4.37	)

Total from investment operations			0.44				(3.96	)

Distributions to shareholders from:
Net investment income			(0.54	)			(0.38	)

Transaction fees^(b)			0.05				0.06

Net asset value at end of period		$	20.67			$	20.72

Market price at end of period^(c)		$	20.71			$	20.70

Net Asset Value Total Return^(d)			2.38	%			(15.72	)%^(e)
Market Price Total Return^(d)			2.67	%			(15.80	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,943			$	12,433
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			2.61	%			1.93	%^(f)
Portfolio turnover rate^(g)			6	%			52	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		374

Financial Highlights–(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)


	For the Period February 27, 2023^(a) Through August 31, 2023
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.41
Net realized and unrealized gain (loss) on investments			(0.36	)

Total from investment operations			0.05

Distributions to shareholders from:
Net investment income			(0.37	)

Transaction fees^(b)			0.11

Net asset value at end of period		$	24.79

Market price at end of period^(c)		$	24.82

Net Asset Value Total Return^(d)			0.62	%^(e)
Market Price Total Return^(d)			0.74	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,835
Ratio to average net assets of:
Expenses			0.18	%^(f)
Net investment income			3.26	%^(f)
Portfolio turnover rate^(g)			3	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		375

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)		“BulletShares 2023 Corporate Bond ETF”

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)		“BulletShares 2024 Corporate Bond ETF”
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)		“BulletShares 2025 Corporate Bond ETF”

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)		“BulletShares 2026 Corporate Bond ETF”
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)		“BulletShares 2027 Corporate Bond ETF”

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)		“BulletShares 2028 Corporate Bond ETF”
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)		“BulletShares 2029 Corporate Bond ETF”

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)		“BulletShares 2030 Corporate Bond ETF”
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)		“BulletShares 2031 Corporate Bond ETF”

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)		“BulletShares 2032 Corporate Bond ETF”
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)		“BulletShares 2023 High Yield Corporate Bond ETF”

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)		“BulletShares 2024 High Yield Corporate Bond ETF”
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)		“BulletShares 2025 High Yield Corporate Bond ETF”

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)		“BulletShares 2026 High Yield Corporate Bond ETF”
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)		“BulletShares 2027 High Yield Corporate Bond ETF”

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)		“BulletShares 2028 High Yield Corporate Bond ETF”
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)		“BulletShares 2029 High Yield Corporate Bond ETF”

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)		“BulletShares 2030 High Yield Corporate Bond ETF”

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)		“BulletShares 2023 Municipal Bond ETF”

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)		“BulletShares 2024 Municipal Bond ETF”
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)		“BulletShares 2025 Municipal Bond ETF”

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)		“BulletShares 2026 Municipal Bond ETF”
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)		“BulletShares 2027 Municipal Bond ETF”

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)		“BulletShares 2028 Municipal Bond ETF”
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)		“BulletShares 2029 Municipal Bond ETF”

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)		“BulletShares 2030 Municipal Bond ETF”
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)		“BulletShares 2031 Municipal Bond ETF”

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)		“BulletShares 2032 Municipal Bond ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.

BulletShares 2023 Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF and BulletShares 2023 Municipal Bond ETF will terminate on or about December 15, 2023. In connection with the termination of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities. The Funds do not seek to distribute any predetermined amount of cash at maturity.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF and BulletShares 2032 Municipal Bond ETF (collectively, the “BulletShares Municipal Bond ETFs”)) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.


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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

BulletShares 2023 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2023 Index

BulletShares 2024 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2024 Index
BulletShares 2025 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2025 Index

BulletShares 2026 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2026 Index
BulletShares 2027 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2027 Index

BulletShares 2028 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2028 Index
BulletShares 2029 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2029 Index

BulletShares 2030 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2030 Index
BulletShares 2031 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2031 Index

BulletShares 2032 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2032 Index
BulletShares 2023 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index

BulletShares 2024 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index

BulletShares 2025 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index

BulletShares 2026 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index
BulletShares 2027 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index

BulletShares 2028 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index
BulletShares 2029 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2029 Index

BulletShares 2030 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2030 Index

BulletShares 2023 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2023 Index

BulletShares 2024 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2024 Index
BulletShares 2025 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2025 Index

BulletShares 2026 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2026 Index
BulletShares 2027 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2027 Index

BulletShares 2028 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2028 Index
BulletShares 2029 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2029 Index

BulletShares 2030 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2030 Index
BulletShares 2031 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2031 Index

BulletShares 2032 Municipal Bond ETF		Nasdaq BulletShares^® Municipal Bond 2032 Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		377

prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


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the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).


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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, there were no affiliated securities lending transactions with Invesco.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books


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and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Funds’ investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each BulletShares Municipal Bond ETF compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Funds may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the


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restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Municipal Securities Risk. The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its


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corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. If a Fund is non-diversified and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

BulletShares 2023 Corporate Bond ETF		0.10%

BulletShares 2024 Corporate Bond ETF		0.10%

BulletShares 2025 Corporate Bond ETF		0.10%

BulletShares 2026 Corporate Bond ETF		0.10%

BulletShares 2027 Corporate Bond ETF		0.10%


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		Unitary Management Fees (as a % of average daily net assets)

BulletShares 2028 Corporate Bond ETF		0.10%

BulletShares 2029 Corporate Bond ETF		0.10%

BulletShares 2030 Corporate Bond ETF		0.10%

BulletShares 2031 Corporate Bond ETF		0.10%

BulletShares 2032 Corporate Bond ETF		0.10%

BulletShares 2023 High Yield Corporate Bond ETF		0.42%

BulletShares 2024 High Yield Corporate Bond ETF		0.42%

BulletShares 2025 High Yield Corporate Bond ETF		0.42%

BulletShares 2026 High Yield Corporate Bond ETF		0.42%

BulletShares 2027 High Yield Corporate Bond ETF		0.42%

BulletShares 2028 High Yield Corporate Bond ETF		0.42%

BulletShares 2029 High Yield Corporate Bond ETF		0.42%

BulletShares 2030 High Yield Corporate Bond ETF		0.42%

BulletShares 2023 Municipal Bond ETF		0.18%

BulletShares 2024 Municipal Bond ETF		0.18%

BulletShares 2025 Municipal Bond ETF		0.18%

BulletShares 2026 Municipal Bond ETF		0.18%

BulletShares 2027 Municipal Bond ETF		0.18%

BulletShares 2028 Municipal Bond ETF		0.18%

BulletShares 2029 Municipal Bond ETF		0.18%

BulletShares 2030 Municipal Bond ETF		0.18%

BulletShares 2031 Municipal Bond ETF		0.18%

BulletShares 2032 Municipal Bond ETF		0.18%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2023, the Adviser waived fees for each Fund in the following amounts:



BulletShares 2023 Corporate Bond ETF	$	150,368

BulletShares 2024 Corporate Bond ETF		11,568

BulletShares 2025 Corporate Bond ETF		6,279

BulletShares 2026 Corporate Bond ETF		3,426

BulletShares 2027 Corporate Bond ETF		2,360

BulletShares 2028 Corporate Bond ETF		1,909

BulletShares 2029 Corporate Bond ETF		1,001

BulletShares 2030 Corporate Bond ETF		315

BulletShares 2031 Corporate Bond ETF		272

BulletShares 2032 Corporate Bond ETF*		99

BulletShares 2023 High Yield Corporate Bond ETF		27,283

BulletShares 2024 High Yield Corporate Bond ETF		17,491

BulletShares 2025 High Yield Corporate Bond ETF		9,438

BulletShares 2026 High Yield Corporate Bond ETF		2,390

BulletShares 2027 High Yield Corporate Bond ETF		819

BulletShares 2028 High Yield Corporate Bond ETF		300

BulletShares 2029 High Yield Corporate Bond ETF		113

BulletShares 2030 High Yield Corporate Bond ETF*		64

BulletShares 2023 Municipal Bond ETF		-

BulletShares 2024 Municipal Bond ETF		-

BulletShares 2025 Municipal Bond ETF		-

BulletShares 2026 Municipal Bond ETF		-


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BulletShares 2027 Municipal Bond ETF	$	-

BulletShares 2028 Municipal Bond ETF		-

BulletShares 2029 Municipal Bond ETF		-

BulletShares 2030 Municipal Bond ETF		-

BulletShares 2031 Municipal Bond ETF		-

BulletShares 2032 Municipal Bond ETF**		-

*	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares^®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended August 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

BulletShares 2023 Corporate Bond ETF		$38,080,857		$ -		$ -

BulletShares 2024 Corporate Bond ETF		10,432,338		9,448,645		(38,950)

BulletShares 2025 Corporate Bond ETF		4,911,500		2,361,717		16,321

BulletShares 2026 Corporate Bond ETF		11,258,398		-		-

BulletShares 2027 Corporate Bond ETF		1,010,776		1,410,150		(15,518)

BulletShares 2028 Corporate Bond ETF		496,863		-		-

BulletShares 2029 Corporate Bond ETF		581,738		698,732		(4,255)

BulletShares 2023 High Yield Corporate Bond ETF		29,020,285		77,702,853		(2,191,402)

BulletShares 2024 High Yield Corporate Bond ETF		87,054,957		12,922,396		(696,857)

BulletShares 2025 High Yield Corporate Bond ETF		16,471,447		89,205,909		(384,392)

BulletShares 2026 High Yield Corporate Bond ETF		12,211,252		7,055,461		(144,577)

BulletShares 2027 High Yield Corporate Bond ETF		4,311,138		2,854,161		(50,887)

BulletShares 2028 High Yield Corporate Bond ETF		507,646		496,863		(67,719)

BulletShares 2029 High Yield Corporate Bond ETF		441,404		-		-

BulletShares 2023 Municipal Bond ETF		796,197		1,315,529		(5,368)

BulletShares 2024 Municipal Bond ETF		152,560		211,772		(3,741)

BulletShares 2025 Municipal Bond ETF		1,704,028		731,471		(13,325)

BulletShares 2026 Municipal Bond ETF		1,092,821		481,748		4,138

BulletShares 2027 Municipal Bond ETF		555,458		695,906		(9,584)

BulletShares 2028 Municipal Bond ETF		93,331		250,870		225

BulletShares 2029 Municipal Bond ETF		128,897		265,930		417

BulletShares 2030 Municipal Bond ETF		358,475		25,035		(70)


		385


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

BulletShares 2031 Municipal Bond ETF		$ 867,696		$ 556,883		$ (2,108)

BulletShares 2032 Municipal Bond ETF**		34,209		51,423		481

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

**	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023, for each Fund (except for the BulletShares Municipal Bond ETFs). As of August 31, 2023, all of the securities in the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

BulletShares 2023 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,410,236,880		$	-		$	1,410,236,880

U.S. Treasury Securities			-			811,548,200			-			811,548,200

Money Market Funds			20,478,188			-			-			20,478,188


Total Investments		$	20,478,188		$	2,221,785,080		$	-		$	2,242,263,268


BulletShares 2024 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	3,840,515,538		$	-		$	3,840,515,538

Money Market Funds			16,589,150			173,366,794			-			189,955,944


Total Investments		$	16,589,150		$	4,013,882,332		$	-		$	4,030,471,482


BulletShares 2025 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	2,819,432,293		$	-		$	2,819,432,293

Money Market Funds			96,692			245,375,069			-			245,471,761


Total Investments		$	96,692		$	3,064,807,362		$	-		$	3,064,904,054


BulletShares 2026 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,964,662,112		$	-		$	1,964,662,112

Money Market Funds			391,146			213,691,629			-			214,082,775


Total Investments		$	391,146		$	2,178,353,741		$	-		$	2,178,744,887


BulletShares 2027 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,051,761,172		$	-		$	1,051,761,172

Money Market Funds			53,994			207,268,581			-			207,322,575


Total Investments		$	53,994		$	1,259,029,753		$	-		$	1,259,083,747


		386


	Level 1			Level 2			Level 3			Total

BulletShares 2028 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	712,280,468		$	-		$	712,280,468

Money Market Funds			70,749			161,053,854			-			161,124,603


Total Investments		$	70,749		$	873,334,322		$	-		$	873,405,071


BulletShares 2029 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	389,672,435		$	-		$	389,672,435

Money Market Funds			133,085			54,576,909			-			54,709,994


Total Investments		$	133,085		$	444,249,344		$	-		$	444,382,429


BulletShares 2030 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	255,043,053		$	-		$	255,043,053

Money Market Funds			42,585			44,022,074			-			44,064,659


Total Investments		$	42,585		$	299,065,127		$	-		$	299,107,712


BulletShares 2031 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	192,190,447		$	-		$	192,190,447

Money Market Funds			42,663			3,329,436			-			3,372,099


Total Investments		$	42,663		$	195,519,883		$	-		$	195,562,546


BulletShares 2032 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	141,093,360		$	-		$	141,093,360

Money Market Funds			67,027			4,062,719			-			4,129,746


Total Investments		$	67,027		$	145,156,079		$	-		$	145,223,106


BulletShares 2023 High Yield Corporate Bond ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	406,545,218		$	-		$	406,545,218

U.S. Dollar Denominated Bonds & Notes			-			114,705,082			-			114,705,082

Money Market Funds			11,078,891			-			-			11,078,891


Total Investments		$	11,078,891		$	521,250,300		$	-		$	532,329,191


BulletShares 2024 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	618,857,096		$	0		$	618,857,096

Money Market Funds			23,700,787			42,729,635			-			66,430,422


Total Investments		$	23,700,787		$	661,586,731		$	0		$	685,287,518


BulletShares 2025 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,078,168,451		$	-		$	1,078,168,451

Money Market Funds			34,363,349			91,915,214			-			126,278,563


Total Investments		$	34,363,349		$	1,170,083,665		$	-		$	1,204,447,014


BulletShares 2026 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	294,779,158		$	-		$	294,779,158

Money Market Funds			4,437,939			64,520,368			-			68,958,307


Total Investments		$	4,437,939		$	359,299,526		$	-		$	363,737,465


BulletShares 2027 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	103,757,166		$	-		$	103,757,166

Money Market Funds			775,448			27,646,251			-			28,421,699


Total Investments		$	775,448		$	131,403,417		$	-		$	132,178,865


		387


	Level 1			Level 2			Level 3			Total

BulletShares 2028 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	63,298,511		$	-		$	63,298,511

Money Market Funds			648,228			11,924,228			-			12,572,456


Total Investments		$	648,228		$	75,222,739		$	-		$	75,870,967


BulletShares 2029 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	19,866,769		$	-		$	19,866,769

Money Market Funds			137,190			83,377			-			220,567


Total Investments		$	137,190		$	19,950,146		$	-		$	20,087,336


BulletShares 2030 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	12,078,825		$	-		$	12,078,825

Money Market Funds			56,115			-			-			56,115


Total Investments		$	56,115		$	12,078,825		$	-		$	12,134,940

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023						2022
			Ordinary						Ordinary
	Ordinary		Income-Tax-		Long-Term		Ordinary		Income-Tax-		Long-Term
	Income*		Exempt		Capital Gains		Income*		Exempt		Capital Gains
BulletShares 2023 Corporate Bond ETF	$	68,135,418	$	-	$	-	$	31,644,867	$	-	$	6,142,758

BulletShares 2024 Corporate Bond ETF		105,337,424		-		-		43,331,147		-		2,618,440

BulletShares 2025 Corporate Bond ETF		73,303,310		-		-		24,981,228		-		1,372,404

BulletShares 2026 Corporate Bond ETF		56,153,843		-		-		17,859,386		-		34,029

BulletShares 2027 Corporate Bond ETF		27,800,751		-		222,384		9,108,169		-		109,020

BulletShares 2028 Corporate Bond ETF		19,483,490		-		-		5,339,905		-		52,236

BulletShares 2029 Corporate Bond ETF		9,894,400		-		-		2,850,516		-		10,988

BulletShares 2030 Corporate Bond ETF		6,959,857		-		-		1,543,157		-		-

BulletShares 2031 Corporate Bond ETF		4,917,628		-		-		497,473		-		-

BulletShares 2032 Corporate Bond ETF**		2,192,792		-		-		-		-		-

BulletShares 2023 High Yield Corporate Bond ETF		34,524,698		-		-		24,466,310		-		-

BulletShares 2024 High Yield Corporate Bond ETF		33,430,307		-		-		18,591,105		-		-

BulletShares 2025 High Yield Corporate Bond ETF		37,484,424		-		-		15,661,665		-		-

BulletShares 2026 High Yield Corporate Bond ETF		16,049,115		-		-		7,842,075		-		-

BulletShares 2027 High Yield Corporate Bond ETF		4,974,891		-		-		2,269,838		-		21,609

BulletShares 2028 High Yield Corporate Bond ETF		2,606,497		-		-		1,017,390		-		-

BulletShares 2029 High Yield Corporate Bond ETF		911,111		-		-		414,289		-		-

BulletShares 2030 High Yield Corporate Bond ETF**		496,088		-		-		-		-		-

BulletShares 2023 Municipal Bond ETF		19,417		2,965,989		-		141		303,013		-

BulletShares 2024 Municipal Bond ETF		5,158		3,390,456		-		758		354,133		-

BulletShares 2025 Municipal Bond ETF		1,292		2,771,676		-		264		492,988		-

BulletShares 2026 Municipal Bond ETF		11,231		2,162,885		-		835		387,661		-

BulletShares 2027 Municipal Bond ETF		1,299		1,773,513		-		3,214		237,740		-

BulletShares 2028 Municipal Bond ETF		127		1,345,205		-		20,070		272,817		3,433

BulletShares 2029 Municipal Bond ETF		2,641		1,012,624		-		141		250,360		-

BulletShares 2030 Municipal Bond ETF		6,680		976,311		-		334		226,547		-

BulletShares 2031 Municipal Bond ETF		688		472,316		-		219		153,405		-

BulletShares 2032 Municipal Bond ETF^***		469		141,962		-		-		-		-

*	Includes short-term capital gain distributions, if any.

**	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

***	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.


		388

Tax Components of Net Assets at Fiscal Year-end:


	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Post-October Capital Losses Deferrals			Shares of Beneficial Interest		Total Net Assets
BulletShares 2023 Corporate Bond ETF	$	2,219,200	$	-	$	(2,938,854	)	$	(1,925,812	)	$	-		$	2,259,139,527	$	2,256,494,061

BulletShares 2024 Corporate Bond ETF		226,283		-		(82,400,151	)		(7,300,720	)		-			3,982,106,172		3,892,631,584

BulletShares 2025 Corporate Bond ETF		147,619		-		(92,670,973	)		(3,564,548	)		-			2,943,007,384		2,846,919,482

BulletShares 2026 Corporate Bond ETF		124,288		-		(89,853,101	)		(2,491,916	)		-			2,074,628,914		1,982,408,185

BulletShares 2027 Corporate Bond ETF		90,190		-		(49,456,179	)		(409,185	)		(359,743	)		1,112,640,718		1,062,505,801
BulletShares 2028 Corporate Bond ETF		37,739		-		(34,239,318	)		(1,480,276	)		-			756,110,355		720,428,500

BulletShares 2029 Corporate Bond ETF		31,979		-		(22,996,270	)		(374,243	)		-			417,858,265		394,519,731

BulletShares 2030 Corporate Bond ETF		-		-		(15,053,955	)		(576,402	)		-			273,026,046		257,395,689

BulletShares 2031 Corporate Bond ETF		-		-		(7,040,493	)		(300,522	)		-			201,324,816		193,983,801

BulletShares 2032 Corporate Bond ETF		-		-		(1,599,833	)		(86,900	)		-			144,704,241		143,017,508

BulletShares 2023 High Yield Corporate Bond ETF		-		-		(385,963	)		(51,833,706	)		-			586,076,200		533,856,531

BulletShares 2024 High Yield Corporate Bond ETF		29,870		-		(7,317,356	)		(37,176,167	)		-			697,384,531		652,920,878

BulletShares 2025 High Yield Corporate Bond ETF		1,024,029		-		(6,638,051	)		(13,756,924	)		-			1,155,427,308		1,136,056,362

BulletShares 2026 High Yield Corporate Bond ETF		46,932		-		(9,197,863	)		(8,139,232	)		-			321,489,196		304,199,033

BulletShares 2027 High Yield Corporate Bond ETF		13,207		-		(3,524,933	)		(2,392,978	)		-			112,213,076		106,308,372

BulletShares 2028 High Yield Corporate Bond ETF		22,465		-		(2,540,642	)		(889,895	)		-			68,446,422		65,038,350

BulletShares 2029 High Yield Corporate Bond ETF		5,331		-		(1,251,864	)		(267,455	)		-			21,843,521		20,329,533

BulletShares 2030 High Yield Corporate Bond ETF		-		-		15,783			(68,412	)		-			12,397,108		12,344,479

BulletShares 2023 Municipal Bond ETF		-		14,531		(213,147	)		(17,954	)		-			140,994,443		140,777,873

BulletShares 2024 Municipal Bond ETF		-		36,885		(1,861,934	)		(44,907	)		-			196,955,854		195,085,898

BulletShares 2025 Municipal Bond ETF		-		3,297		(3,232,633	)		(336,650	)		-			170,475,341		166,909,355

BulletShares 2026 Municipal Bond ETF		-		8,698		(2,605,167	)		(465,298	)		-			117,196,597		114,134,830

BulletShares 2027 Municipal Bond ETF		-		18,054		(1,973,984	)		(13,991	)		-			92,869,731		90,899,810

BulletShares 2028 Municipal Bond ETF		-		2,448		(2,033,086	)		(445,702	)		-			71,613,740		69,137,400

BulletShares 2029 Municipal Bond ETF		-		6,665		(1,723,268	)		(598,811	)		-			49,931,448		47,616,034

BulletShares 2030 Municipal Bond ETF		-		9,551		(1,682,279	)		(1,055,268	)		-			54,366,889		51,638,893

BulletShares 2031 Municipal Bond ETF		-		-		(1,177,783	)		(907,704	)		-			31,028,790		28,943,303

BulletShares 2032 Municipal Bond ETF		-		-		(371,433	)		-			-			20,206,550		19,835,117

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
BulletShares 2023 Corporate Bond ETF	$	1,925,812	$	-	$	1,925,812

BulletShares 2024 Corporate Bond ETF		3,110,056		4,190,664		7,300,720

BulletShares 2025 Corporate Bond ETF		1,972,407		1,592,141		3,564,548

BulletShares 2026 Corporate Bond ETF		1,656,416		835,500		2,491,916

BulletShares 2027 Corporate Bond ETF		156,556		252,629		409,185

BulletShares 2028 Corporate Bond ETF		259,528		1,220,748		1,480,276

BulletShares 2029 Corporate Bond ETF		45,436		328,807		374,243


		389


	No expiration
	Short-Term		Long-Term		Total*

BulletShares 2030 Corporate Bond ETF	$	256,297	$	320,105	$	576,402

BulletShares 2031 Corporate Bond ETF		128,899		171,623		300,522

BulletShares 2032 Corporate Bond ETF		86,900		-		86,900

BulletShares 2023 High Yield Corporate Bond ETF		23,909,187		27,924,519		51,833,706

BulletShares 2024 High Yield Corporate Bond ETF		20,511,231		16,664,936		37,176,167

BulletShares 2025 High Yield Corporate Bond ETF		6,802,142		6,954,782		13,756,924

BulletShares 2026 High Yield Corporate Bond ETF		4,338,516		3,800,716		8,139,232

BulletShares 2027 High Yield Corporate Bond ETF		1,383,583		1,009,395		2,392,978

BulletShares 2028 High Yield Corporate Bond ETF		310,881		579,014		889,895

BulletShares 2029 High Yield Corporate Bond ETF		109,218		158,237		267,455

BulletShares 2030 High Yield Corporate Bond ETF		68,412		-		68,412

BulletShares 2023 Municipal Bond ETF		11,839		6,115		17,954

BulletShares 2024 Municipal Bond ETF		22,745		22,162		44,907

BulletShares 2025 Municipal Bond ETF		143,219		193,431		336,650

BulletShares 2026 Municipal Bond ETF		292,706		172,592		465,298

BulletShares 2027 Municipal Bond ETF		1,153		12,838		13,991

BulletShares 2028 Municipal Bond ETF		131,234		314,468		445,702

BulletShares 2029 Municipal Bond ETF		285,971		312,840		598,811

BulletShares 2030 Municipal Bond ETF		498,082		557,186		1,055,268

BulletShares 2031 Municipal Bond ETF		907,704		-		907,704

BulletShares 2032 Municipal Bond ETF		-		-		-

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
BulletShares 2023 Corporate Bond ETF	$	69,995,830	$	1,658,690,474

BulletShares 2024 Corporate Bond ETF		112,889,569		141,674,025

BulletShares 2025 Corporate Bond ETF		40,107,266		28,443,736

BulletShares 2026 Corporate Bond ETF		28,781,013		16,858,880

BulletShares 2027 Corporate Bond ETF		10,930,128		11,618,762

BulletShares 2028 Corporate Bond ETF		6,518,665		9,140,712
BulletShares 2029 Corporate Bond ETF		3,010,973		2,712,025

BulletShares 2030 Corporate Bond ETF		-		1,739,763

BulletShares 2031 Corporate Bond ETF		238,368		1,488,961

BulletShares 2032 Corporate Bond ETF*		5,898,833		3,160,562

BulletShares 2023 High Yield Corporate Bond ETF		259,742,402		745,090,789

BulletShares 2024 High Yield Corporate Bond ETF		402,316,482		449,632,260

BulletShares 2025 High Yield Corporate Bond ETF		192,099,437		218,218,120

BulletShares 2026 High Yield Corporate Bond ETF		33,754,650		35,860,603

BulletShares 2027 High Yield Corporate Bond ETF		7,581,747		7,806,719

BulletShares 2028 High Yield Corporate Bond ETF		1,918,736		2,545,423

BulletShares 2029 High Yield Corporate Bond ETF		855,121		979,016

BulletShares 2030 High Yield Corporate Bond ETF*		5,583,489		723,202
BulletShares 2023 Municipal Bond ETF		136,739,003		81,070,432

BulletShares 2024 Municipal Bond ETF		106,638,441		4,498,153

BulletShares 2025 Municipal Bond ETF		100,747,269		6,693,943

BulletShares 2026 Municipal Bond ETF		79,512,927		6,385,846

BulletShares 2027 Municipal Bond ETF		67,082,878		1,302,907

BulletShares 2028 Municipal Bond ETF		50,759,791		1,914,138


		390


	Purchases		Sales

BulletShares 2029 Municipal Bond ETF	$	32,168,004	$	2,232,994

BulletShares 2030 Municipal Bond ETF		32,560,651		3,926,994

BulletShares 2031 Municipal Bond ETF		18,171,434		1,125,378

BulletShares 2032 Municipal Bond ETF**		20,157,741		252,430

*	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
BulletShares 2023 Corporate Bond ETF	$	33,300,816	$	94,732,495

BulletShares 2024 Corporate Bond ETF		941,903,993		411,971,564

BulletShares 2025 Corporate Bond ETF		1,368,643,493		179,768,147

BulletShares 2026 Corporate Bond ETF		860,856,906		59,084,826

BulletShares 2027 Corporate Bond ETF		617,829,543		28,451,266

BulletShares 2028 Corporate Bond ETF		451,454,153		2,931,085

BulletShares 2029 Corporate Bond ETF		274,285,320		7,897,844

BulletShares 2030 Corporate Bond ETF		157,796,873		-

BulletShares 2031 Corporate Bond ETF		162,955,675		7,161,072

BulletShares 2032 Corporate Bond ETF*		139,686,781		-

BulletShares 2023 High Yield Corporate Bond ETF		104,415,805		146,396,684

BulletShares 2024 High Yield Corporate Bond ETF		244,365,522		87,433,297

BulletShares 2025 High Yield Corporate Bond ETF		743,410,605		39,358,051

BulletShares 2026 High Yield Corporate Bond ETF		124,390,781		15,510,642

BulletShares 2027 High Yield Corporate Bond ETF		58,960,496		-

BulletShares 2028 High Yield Corporate Bond ETF		41,024,207		-

BulletShares 2029 High Yield Corporate Bond ETF		13,856,601		1,947,126

BulletShares 2030 High Yield Corporate Bond ETF*		7,184,792		-

BulletShares 2023 Municipal Bond ETF		-		12,635,518

BulletShares 2024 Municipal Bond ETF		-		-

BulletShares 2025 Municipal Bond ETF		-		-

BulletShares 2026 Municipal Bond ETF		-		-

BulletShares 2027 Municipal Bond ETF		-		-

BulletShares 2028 Municipal Bond ETF		-		-

BulletShares 2029 Municipal Bond ETF		-		-

BulletShares 2030 Municipal Bond ETF		-		-

BulletShares 2031 Municipal Bond ETF		-		-

BulletShares 2032 Municipal Bond ETF**		-		-

*	For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
BulletShares 2023 Corporate Bond ETF	$	98,621	$	(3,037,475	)	$	(2,938,854	)	$	2,245,202,122

BulletShares 2024 Corporate Bond ETF		159,443		(82,559,594	)		(82,400,151	)		4,112,871,633

BulletShares 2025 Corporate Bond ETF		135,860		(92,806,833	)		(92,670,973	)		3,157,575,027

BulletShares 2026 Corporate Bond ETF		216,166		(90,069,267	)		(89,853,101	)		2,268,597,988

BulletShares 2027 Corporate Bond ETF		350,063		(49,806,242	)		(49,456,179	)		1,308,539,926

BulletShares 2028 Corporate Bond ETF		556,110		(34,795,428	)		(34,239,318	)		907,644,389


		391


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
BulletShares 2029 Corporate Bond ETF	$	83,996	$	(23,080,266	)	$	(22,996,270	)	$	467,378,699

BulletShares 2030 Corporate Bond ETF		62,188		(15,116,143	)		(15,053,955	)		314,161,667

BulletShares 2031 Corporate Bond ETF		58,784		(7,099,277	)		(7,040,493	)		202,603,039

BulletShares 2032 Corporate Bond ETF		51,044		(1,650,877	)		(1,599,833	)		146,822,939

BulletShares 2023 High Yield Corporate Bond ETF		55,675		(441,638	)		(385,963	)		532,715,154

BulletShares 2024 High Yield Corporate Bond ETF		495,145		(7,812,501	)		(7,317,356	)		692,604,874

BulletShares 2025 High Yield Corporate Bond ETF		5,173,338		(11,811,389	)		(6,638,051	)		1,211,085,065

BulletShares 2026 High Yield Corporate Bond ETF		1,439,862		(10,637,725	)		(9,197,863	)		372,935,328

BulletShares 2027 High Yield Corporate Bond ETF		436,353		(3,961,286	)		(3,524,933	)		135,703,798

BulletShares 2028 High Yield Corporate Bond ETF		303,880		(2,844,522	)		(2,540,642	)		78,411,609

BulletShares 2029 High Yield Corporate Bond ETF		59,898		(1,311,762	)		(1,251,864	)		21,339,200

BulletShares 2030 High Yield Corporate Bond ETF		128,873		(113,090	)		15,783			12,119,157

BulletShares 2023 Municipal Bond ETF		12,663		(225,810	)		(213,147	)		132,253,895

BulletShares 2024 Municipal Bond ETF		29,713		(1,891,647	)		(1,861,934	)		193,741,852

BulletShares 2025 Municipal Bond ETF		49,989		(3,282,622	)		(3,232,633	)		167,980,006

BulletShares 2026 Municipal Bond ETF		115,163		(2,720,330	)		(2,605,167	)		115,137,605

BulletShares 2027 Municipal Bond ETF		182,372		(2,156,356	)		(1,973,984	)		91,695,480

BulletShares 2028 Municipal Bond ETF		194,333		(2,227,419	)		(2,033,086	)		70,304,570

BulletShares 2029 Municipal Bond ETF		187,513		(1,910,781	)		(1,723,268	)		48,665,229

BulletShares 2030 Municipal Bond ETF		41,373		(1,723,652	)		(1,682,279	)		52,611,835

BulletShares 2031 Municipal Bond ETF		16,134		(1,193,917	)		(1,177,783	)		29,772,109

BulletShares 2032 Municipal Bond ETF		1,218		(372,651	)		(371,433	)		19,870,244

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, excise taxes, taxable overdistributions, and distribution redesignation, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
BulletShares 2023 Corporate Bond ETF		$	-		$	302,447		$	(302,447	)

BulletShares 2024 Corporate Bond ETF			140,953			1,208,550			(1,349,503	)

BulletShares 2025 Corporate Bond ETF			210,048			(558,891	)		348,843

BulletShares 2026 Corporate Bond ETF			36,467			(262,124	)		225,657

BulletShares 2027 Corporate Bond ETF			(10,674	)		(506,710	)		517,384

BulletShares 2028 Corporate Bond ETF			6,939			(116,606	)		109,667

BulletShares 2029 Corporate Bond ETF			425			(117,765	)		117,340

BulletShares 2030 Corporate Bond ETF			13,969			-			(13,969	)

BulletShares 2031 Corporate Bond ETF			7,666			(426,580	)		418,914

BulletShares 2032 Corporate Bond ETF			2,369			-			(2,369	)

BulletShares 2023 High Yield Corporate Bond ETF			12,945			1,065,930			(1,078,875	)

BulletShares 2024 High Yield Corporate Bond ETF			-			(650,601	)		650,601

BulletShares 2025 High Yield Corporate Bond ETF			-			(441,669	)		441,669

BulletShares 2026 High Yield Corporate Bond ETF			-			1,136,542			(1,136,542	)

BulletShares 2027 High Yield Corporate Bond ETF			-			(10,549	)		10,549

BulletShares 2028 High Yield Corporate Bond ETF			-			-			-

BulletShares 2029 High Yield Corporate Bond ETF			-			53,897			(53,897	)

BulletShares 2030 High Yield Corporate Bond ETF			173			(109	)		(64	)

BulletShares 2023 Municipal Bond ETF			-			130,211			(130,211	)

BulletShares 2024 Municipal Bond ETF			-			-			-

BulletShares 2025 Municipal Bond ETF			-			-			-


		392


	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest

BulletShares 2026 Municipal Bond ETF		$	-	$	-		$	-

BulletShares 2027 Municipal Bond ETF			-		-			-

BulletShares 2028 Municipal Bond ETF			-		-			-

BulletShares 2029 Municipal Bond ETF			-		-			-

BulletShares 2030 Municipal Bond ETF			-		-			-

BulletShares 2031 Municipal Bond ETF			196		-			(196	)

BulletShares 2032 Municipal Bond ETF			2,688		(156	)		(2,532	)

NOTE 9–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Subsequent Event

On September 18, 2023, BulletShares 2030 Corporate Bond ETF, BulletShares 2028 High Yield Corporate Bond ETF and BulletShares 2030 Municipal Bond ETF changed their classification from “non-diversified” to “diversified” and therefore are now required to meet certain diversification requirements under the 1940 Act.


		393

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the twenty-eight funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-eight of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Invesco BulletShares 2023 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2024 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2025 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2026 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2027 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2028 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2029 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2030 Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2031 Corporate Bond ETF ⁽²⁾

Invesco BulletShares 2032 Corporate Bond ETF ⁽³⁾

Invesco BulletShares 2023 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2024 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2025 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2026 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2027 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2028 High Yield Corporate Bond ETF ⁽¹⁾

Invesco BulletShares 2029 High Yield Corporate Bond ETF ⁽²⁾

Invesco BulletShares 2030 High Yield Corporate Bond ETF ⁽³⁾

Invesco BulletShares 2023 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2024 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2025 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2026 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2027 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2028 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2029 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2030 Municipal Bond ETF ⁽¹⁾

Invesco BulletShares 2031 Municipal Bond ETF ⁽²⁾

Invesco BulletShares 2032 Municipal Bond ETF ⁽⁴⁾

⁽¹⁾ Statement of operations for the year ended August 31, 2023, and the statement of changes in net assets for each of the two years in the period ended August 31, 2023.

⁽²⁾ Statement of operations for the year ended August 31, 2023, and statement of changes in net assets for the year ended August 31, 2023 and for the period September 13, 2021 (commencement of investment operations) through August 31, 2022.


		394

Report of Independent Registered Public Accounting Firm–(continued)

⁽³⁾ Statements of operations and of changes in net assets for the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

⁽⁴⁾ Statements of operations and of changes in net assets for the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


		395

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period ended March 1, 2023 through August 31, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

Actual		$	1,000.00		$	1,026.10		0.09	%		$0.46

Hypothetical (5% return before expenses)			1,000.00			1,024.75		0.09			0.46
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

Actual			1,000.00			1,024.30		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

Actual			1,000.00			1,022.50		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

Actual			1,000.00			1,023.60		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

Actual			1,000.00			1,023.00		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51


		396

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

Actual		$	1,000.00		$	1,025.40		0.10	%		$0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

Actual			1,000.00			1,030.30		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

Actual			1,000.00			1,024.90		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

Actual			1,000.00			1,024.10		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

Actual			1,000.00			1,027.00		0.10			0.51

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

Actual			1,000.00			1,027.90		0.42			2.15

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

Actual			1,000.00			1,039.30		0.42			2.16

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

Actual			1,000.00			1,046.90		0.42			2.17

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

Actual			1,000.00			1,044.70		0.42			2.16

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

Actual			1,000.00			1,043.30		0.42			2.16

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

Actual			1,000.00			1,042.20		0.42			2.16

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

Actual			1,000.00			1,045.60		0.42			2.17

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

Actual			1,000.00			1,054.60		0.42			2.18

Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42			2.14

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

Actual			1,000.00			1,015.50		0.18			0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18			0.92
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

Actual			1,000.00			1,014.20		0.18			0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18			0.92


		397

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

Actual		$	1,000.00		$	1,012.40		0.18	%		$	0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

Actual			1,000.00			1,010.50		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

Actual			1,000.00			1,009.70		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

Actual			1,000.00			1,008.00		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

Actual			1,000.00			1,006.10		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

Actual			1,000.00			1,005.60		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

Actual			1,000.00			1,005.70		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

Actual			1,000.00			1,005.80		0.18				0.91

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		398

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains
Invesco BulletShares 2023 Corporate Bond ETF		0	%		0	%		0	%		5	%		100	%		83	%		0	%		$	-		$	-

Invesco BulletShares 2024 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		79	%		0	%			-		$	-

Invesco BulletShares 2025 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		83	%		0	%			-		$	-

Invesco BulletShares 2026 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		84	%		0	%			-		$	-

Invesco BulletShares 2027 Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		85	%		0	%			222,384		$	-

Invesco BulletShares 2028 Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		83	%		0	%			-		$	-

Invesco BulletShares 2029 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		90	%		0	%			-		$	-

Invesco BulletShares 2030 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		87	%		0	%			-		$	-

Invesco BulletShares 2031 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		93	%		0	%			-		$	-

Invesco BulletShares 2032 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		89	%		0	%			-		$	-

Invesco BulletShares 2023 High Yield Corporate Bond ETF		0	%		0	%		0	%		27	%		99	%		90	%		0	%			-		$	-

Invesco BulletShares 2024 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		96	%		78	%		0	%			-		$	-

Invesco BulletShares 2025 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		89	%		0	%			-		$	-

Invesco BulletShares 2026 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		81	%		0	%			-		$	-

Invesco BulletShares 2027 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		80	%		0	%			-		$	-

Invesco BulletShares 2028 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		87	%		0	%			-		$	-

Invesco BulletShares 2029 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		87	%		0	%			-		$	-

Invesco BulletShares 2030 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		84	%		0	%			-		$	-


		399

Tax Information–(continued)


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains
Invesco BulletShares 2023 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		99	%		$	-		$	-

Invesco BulletShares 2024 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2025 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2026 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		99	%			-		$	-

Invesco BulletShares 2027 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2028 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2029 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2030 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		99	%			-		$	-

Invesco BulletShares 2031 Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		100	%			-		$	-

Invesco BulletShares 2032 Municipal Bond ETF		0	%		0	%		0	%		0	%		68	%		100	%		100	%			-		$	156

*	The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.


		400

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		401

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time
Served*

Principal
Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

211

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		402

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time
Served*

Principal
Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

211

Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		403

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		404

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time
Served*

Principal
Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.

211

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		405

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		406

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of
Birth of Interested Trustee

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time
Served*

Principal
Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Manager, Invesco Investment Advisers, LLC (2023-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		407

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		408

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		409

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Executive Officers

Position(s)

Held

with Trust

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		410

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):


Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TMStrategic US ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^® Dynamic Multifactor ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^® Dynamic Multifactor ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2022) and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.


		411

Approval of Investment Advisory Contracts–(continued)

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

●

0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF and Invesco BulletShares 2031 Corporate Bond ETF;

●

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

●

0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF and Invesco BulletShares 2031 Municipal Bond ETF;

●

0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;

●

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

●

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^® Dynamic Multifactor ETF;

●

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

●

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^® Dynamic Multifactor ETF; and

●

0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF and Invesco BulletShares 2029 High Yield Corporate Bond ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund

Equal

to/Lower

than ETF

Peer Median

Equal to/Lower

than Open-End

Index Fund

Peer Median*

Lower than
Open-End
Active Fund
Peer Median

Invesco BulletShares 2023 Corporate Bond ETF

Invesco BulletShares 2024 Corporate Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF

N/A


		412

Approval of Investment Advisory Contracts–(continued)

Invesco Fund

Equal
to/Lower
than ETF
Peer Median

Equal to/Lower
than Open-End
Index Fund
Peer Median*

Lower than
Open-End
Active Fund
Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2025 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2026 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2027 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2028 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2029 High Yield Corporate Bond ETF

N/A

Invesco BulletShares 2023 Municipal Bond ETF

N/A

Invesco BulletShares 2024 Municipal Bond ETF

N/A

Invesco BulletShares 2025 Municipal Bond ETF

N/A

Invesco BulletShares 2026 Municipal Bond ETF

N/A

Invesco BulletShares 2027 Municipal Bond ETF

N/A

Invesco BulletShares 2028 Municipal Bond ETF

N/A

Invesco BulletShares 2029 Municipal Bond ETF

N/A

Invesco BulletShares 2030 Municipal Bond ETF

N/A

Invesco BulletShares 2031 Municipal Bond ETF

N/A

Invesco International Developed Dynamic Multifactor ETF

Invesco Investment Grade Defensive ETF

Invesco Racial and Gender Diversity ETF

Invesco RAFI^TMStrategic US ETF

Invesco Russell 1000^® Dynamic Multifactor ETF

Invesco Russell 2000^® Dynamic Multifactor ETF

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000^® Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2022. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the


		413

Approval of Investment Advisory Contracts–(continued)

Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		414

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-AR-1

invesco.com/ETFs


		Invesco Annual Report to Shareholders
		August 31, 2023
		POWA		Invesco Bloomberg Pricing Power ETF (formerly, Invesco Defensive Equity ETF)
		IUS		Invesco RAFI^TMStrategic US ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Liquidity Risk Management Program			10

Schedules of Investments

Invesco Bloomberg Pricing Power ETF (POWA)			11

Invesco RAFI^TMStrategic US ETF (IUS)			13

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			21

Financial Highlights			22

Notes to Financial Statements			24

Report of Independent Registered Public Accounting Firm			33

Fund Expenses			34

Tax Information			35

Trustees and Officers			36

Approval of Investment Advisory Contracts			46


		2

The Market Environment

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced headwinds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.


		3

The Market Environment–(continued)

Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.


		4


POWA		Management’s Discussion of Fund Performance
POWA		Invesco Bloomberg Pricing Power ETF (POWA)

Effective after the close of markets on August 25, 2023, Invesco Defensive Equity ETF changed its name to Invesco Bloomberg Pricing Power ETF (the “Fund”) and the underlying index changed from Invesco Defensive Equity Index (the “Previous Index”) to the Bloomberg Pricing Power Index (the “Index”). At that time, the Fund also changed its ticker symbol from DEF to POWA and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through August 25, 2023, the Previous Index. The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index, and through August 25, 2023, the Previous Index.

Bloomberg Index Services Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of the securities of U.S. large- and mid-cap companies that, in the view of the Index Provider, are well-positioned to maintain stable profit margins in all market conditions. The Index focuses on companies that have the smallest deviations among their annual gross profit margins over the last five years. Securities eligible for inclusion in the Index are screened, pursuant to the index methodology, for their company’s (i) profitability history, (ii) market cap sector ranking, (iii) debt to market capitalization ratio, and (iv) gross margin stability. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.29%. On a net asset value (“NAV”) basis, the Fund returned 6.36%. During the same time period, the Blended—Invesco Defensive Equity Index (which reflected the returns of the Previous Index from the beginning of the fiscal year through August 25, 2023, and of the Index for the remainder of the fiscal year, referred to herein as the “Custom Index”) returned 6.94%. During the fiscal year, the Fund fully replicated the components of the Custom Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Custom Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 15.94%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track its underlying index, which employs a proprietary stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials, health care and consumer staples sectors and most underweight in the information technology, communication services and energy sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the information technology and communication services sectors.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and consumer discretionary sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included O’Reilly Automotive, Inc., a consumer discretionary company (portfolio average weight of 1.08%), and Merck & Co., Inc., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (no longer held at fiscal year-end), and Hasbro, Inc., a consumer discretionary (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Industrials			38.71
Health Care			19.08
Consumer Staples			12.76
Consumer Discretionary			12.13
Information Technology			10.77
Sector Types Each Less Than 3%			6.56
Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
Veeva Systems, Inc., Class A			2.43
Lam Research Corp.			2.35
Trane Technologies PLC			2.33
Amphenol Corp., Class A			2.29
Automatic Data Processing, Inc.			2.25
Cadence Design Systems, Inc.			2.23
Comcast Corp., Class A			2.21
PACCAR, Inc.			2.21
Equinix, Inc.			2.19
Avery Dennison Corp.			2.16
Total			22.65


		5

Invesco Bloomberg Pricing Power ETF (POWA) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2023


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Invesco Defensive Equity Index		6.94	%		8.46	%		27.60	%		8.82	%		52.60	%		10.45	%		170.17	%		8.89	%		315.17	%
Bloomberg Pricing Power Index		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
S&P 500^® Index		15.94			10.52			35.00			11.12			69.43			12.81			233.79			9.30			341.74
Fund
NAV Return		6.36			7.87			25.51			8.22			48.43			9.81			154.92			8.21			273.94
Market Price Return		6.29			7.82			25.34			8.20			48.29			9.82			155.05			8.21			273.88

Guggenheim Defensive Equity ETF (the “Predecessor Fund”) Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

The Blended-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index from the Predecessor Fund’s inception through October 24, 2016, followed by the performance of the Previous Index from October 25, 2016 through August 25, 2023, followed by the performance of the Index from August 26, 2023 through August 31, 2023.


		6


IUS		Management’s Discussion of Fund Performance
IUS		Invesco RAFI^TM Strategic US ETF (IUS)

As an index fund, the Invesco RAFI^™ Strategic US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of U.S. companies that tend to have larger, higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities within the top 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 14.34%. On a net asset value (“NAV”) basis, the Fund returned 14.46%. During the same time period, the Index returned 14.67%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Index (the “Benchmark Index”) returned 15.40%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 securities.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy and communication services sectors and most underweight in the information technology and financials sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the information technology sector.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services and industrials sectors, respectively. The utilities sector was the only sector to detract from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.91%), and Apple, Inc., an information technology company (portfolio average weight of 5.14%). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (portfolio average weight of 1.02%), and Lumen Technologies, Inc., a communication services company (portfolio average weight of 0.09%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Information Technology			18.49
Health Care			14.79
Communication Services			12.28
Energy			11.65
Consumer Discretionary			10.83
Industrials			10.33
Consumer Staples			8.08
Financials			5.96
Materials			4.67
Sector Types Each Less Than 3%			2.85
Money Market Funds Plus Other Assets Less Liabilities			0.07


		7

Invesco RAFI^TM Strategic US ETF (IUS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Apple, Inc.			4.43
Alphabet, Inc., Class A			3.86
Microsoft Corp.			2.72
Exxon Mobil Corp.			2.49
Meta Platforms, Inc., Class A			2.39
Amazon.com, Inc.			1.88
Chevron Corp.			1.70
UnitedHealth Group, Inc.			1.29
Comcast Corp., Class A			1.20
AT&T, Inc.			1.11
Total			23.07

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco Strategic US Index		14.67	%		15.98	%		56.03	%		12.79	%		81.78	%
Russell 1000^® Index		15.40			9.93			32.84			10.94			67.46
Fund
NAV Return		14.46			15.76			55.11			12.60			80.28
Market Price Return		14.34			15.68			54.79			12.60			80.33


		8

Invesco RAFI^TM Strategic US ETF (IUS) (continued)

Fund Inception: September 12, 2018

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		9

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

•

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

•

Each Fund’s investment strategy remained appropriate for an open-end fund;

•

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

•

The Funds did not breach the 15% limit on Illiquid Investments; and

•

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		10

Invesco Bloomberg Pricing Power ETF (POWA)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-2.21%
Comcast Corp., Class A		102,762	$	4,805,151


Consumer Discretionary-12.13%
Best Buy Co., Inc.		59,413		4,542,124
Garmin Ltd.		39,998		4,240,588
Home Depot, Inc. (The)		14,112		4,661,194
Lowe’s Cos., Inc.		20,175		4,649,934
O’Reilly Automotive, Inc.^(b)		4,423		4,156,293
Tractor Supply Co.		18,802		4,108,237

				26,358,370


Consumer Staples-12.76%
Archer-Daniels-Midland Co.		56,397		4,472,282
Costco Wholesale Corp.		8,510		4,674,373
Dollar General Corp.		19,672		2,724,572
Hershey Co. (The)		15,651		3,362,774
PepsiCo, Inc.		22,222		3,953,738
Sysco Corp.		57,655		4,015,671
Walmart, Inc.		27,829		4,525,273

				27,728,683


Health Care-19.08%
Agilent Technologies, Inc.		33,958		4,111,295
Cardinal Health, Inc.		48,357		4,223,017
Cencora, Inc.		24,017		4,226,512
McKesson Corp.		10,363		4,272,872
Mettler-Toledo International, Inc.^(b)		3,128		3,795,765
ResMed, Inc.		18,640		2,974,758
Veeva Systems, Inc., Class A^(b)		25,267		5,273,223
Vertex Pharmaceuticals, Inc.^(b)		12,306		4,286,672
Waters Corp.^(b)		15,985		4,488,588
Zimmer Biomet Holdings, Inc.		31,942		3,804,931

				41,457,633


Industrials-38.71%
AMETEK, Inc.		28,479		4,542,685
Automatic Data Processing, Inc.		19,197		4,887,748


	Shares		Value
Industrials-(continued)
Cintas Corp.		8,888	$	4,481,063
Cummins, Inc.		19,513		4,488,770
Dover Corp.		30,288		4,491,710
General Dynamics Corp.		19,892		4,508,323
HEICO Corp.		25,163		4,245,250
IDEX Corp.		20,525		4,646,860
Illinois Tool Works, Inc.		18,506		4,577,459
J.B. Hunt Transport Services, Inc.		24,419		4,587,842
Johnson Controls International PLC		67,628		3,994,110
Lockheed Martin Corp.		9,074		4,068,328
Otis Worldwide Corp.		50,659		4,333,877
PACCAR, Inc.		58,323		4,799,400
Republic Services, Inc.		28,836		4,156,133
Rollins, Inc.		102,966		4,074,365
Trane Technologies PLC		24,719		5,073,822
Waste Management, Inc.		25,263		3,960,733
Xylem, Inc.		40,651		4,209,004

				84,127,482


Information Technology-10.77%
Accenture PLC, Class A		14,325		4,638,005
Amphenol Corp., Class A		56,303		4,976,059
Cadence Design Systems, Inc.^(b)		20,171		4,849,915
Lam Research Corp.		7,260		5,099,424
VeriSign, Inc.^(b)		18,501		3,844,323

				23,407,726


Materials-2.16%
Avery Dennison Corp.		24,932		4,696,690


Real Estate-2.19%
Equinix, Inc.		6,086		4,755,479

TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $211,130,328)				217,337,214
OTHER ASSETS LESS LIABILITIES-(0.01)%				(19,873	)

NET ASSETS-100.00%			$	217,317,341

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	52,209		$	7,249,831		$	(7,302,040	)		$	-		$	-		$	-		$	7,096

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco Bloomberg Pricing Power ETF (POWA)–(continued)

August 31, 2023


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	-		$	3,697,617		$	(3,697,617	)		$	-		$	-			$	-		$	1,172	*

Invesco Private Prime Fund			-			9,398,134			(9,398,030	)			-			(104	)			-			3,020	*


Total		$	52,209		$	20,345,582		$	(20,397,687	)		$	-		$	(104	)		$	-		$	11,288

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco RAFI^TM Strategic US ETF (IUS)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-12.28%
Activision Blizzard, Inc.		2,625	$	241,474
Alphabet, Inc., Class A^(b)		63,063		8,587,289
Altice USA, Inc., Class A^(b)(c)		27,130		83,289
AT&T, Inc.		166,182		2,457,832
Atlanta Braves Holdings, Inc., Series C^(b)(c)		24		884
Charter Communications, Inc., Class A^(b)		2,293		1,004,609
Comcast Corp., Class A		57,178		2,673,643
DISH Network Corp., Class A^(b)(c)		30,826		184,956
Electronic Arts, Inc.		1,355		162,573
Fox Corp., Class A		7,621		251,950
Frontier Communications Parent, Inc.^(b)(c)		4,552		72,923
IAC, Inc.^(b)		1,022		56,547
Interpublic Group of Cos., Inc. (The)		3,011		98,189
Liberty Broadband Corp., Class C^(b)		2,501		233,994
Liberty Media Corp.-Liberty Formula One^(b)		875		60,191
Liberty Media Corp.-Liberty Live, Series C^(b)		36		1,211
Live Nation Entertainment, Inc.^(b)(c)		739		62,468
Lumen Technologies, Inc.		139,050		221,089
Meta Platforms, Inc., Class A^(b)		17,938		5,307,675
Netflix, Inc.^(b)		778		337,403
News Corp., Class A		7,336		157,651
Nexstar Media Group, Inc., Class A		644		104,843
Omnicom Group, Inc.		1,720		139,337
Paramount Global, Class B^(c)		18,433		278,154
Take-Two Interactive Software, Inc.^(b)		466		66,265
Telephone & Data Systems, Inc.		11,640		250,144
T-Mobile US, Inc.^(b)		3,695		503,444
Verizon Communications, Inc.		66,936		2,341,421
Walt Disney Co. (The)^(b)		11,589		969,768
Warner Bros Discovery, Inc.^(b)		27,952		367,289

				27,278,505

Consumer Discretionary-10.83%
Academy Sports & Outdoors, Inc.^(c)		1,258		68,649
Adient PLC^(b)(c)		1,963		76,891
Advance Auto Parts, Inc.^(c)		999		68,751
Airbnb, Inc., Class A^(b)		1,719		226,134
Amazon.com, Inc.^(b)		30,301		4,181,841
Aptiv PLC^(b)		1,542		156,436
Aramark		2,409		89,567
Asbury Automotive Group, Inc.^(b)(c)		470		108,100
Autoliv, Inc. (Sweden)		873		85,205
AutoNation, Inc.^(b)		1,067		167,615
AutoZone, Inc.^(b)		112		283,509
Bath & Body Works, Inc.		3,211		118,390
Best Buy Co., Inc.		4,543		347,312
Booking Holdings, Inc.^(b)		150		465,754
BorgWarner, Inc.		3,175		129,381
Brunswick Corp.^(c)		889		70,338
Burlington Stores, Inc.^(b)(c)		380		61,659
Caesars Entertainment, Inc.^(b)		1,959		108,254
Capri Holdings Ltd.^(b)		2,396		125,766
CarMax, Inc.^(b)(c)		2,327		190,069
Chipotle Mexican Grill, Inc.^(b)		53		102,112
Coupang, Inc. (South Korea)^(b)(c)		4,122		78,236
D.R. Horton, Inc.		2,544		302,787
Dana, Inc.		4,517		72,769


	Shares		Value
Consumer Discretionary-(continued)
Darden Restaurants, Inc.^(c)		907	$	141,048
Dick’s Sporting Goods, Inc.^(c)		1,058		123,088
Dillard’s, Inc., Class A		238		82,139
DoorDash, Inc., Class A^(b)		877		73,782
eBay, Inc.		8,894		398,273
Expedia Group, Inc.^(b)		1,934		209,626
Foot Locker, Inc.		2,137		41,928
Ford Motor Co.		102,477		1,243,046
Gap, Inc. (The)^(c)		7,709		89,270
Garmin Ltd.^(c)		820		86,936
General Motors Co.		43,035		1,442,103
Genuine Parts Co.		1,023		157,266
Goodyear Tire & Rubber Co. (The)^(b)		8,600		111,026
Group 1 Automotive, Inc.		476		125,864
H&R Block, Inc.		2,003		80,080
Harley-Davidson, Inc.		2,128		71,820
Hasbro, Inc.		1,136		81,792
Hilton Worldwide Holdings, Inc.		706		104,947
Home Depot, Inc. (The)		5,727		1,891,628
Hyatt Hotels Corp., Class A^(c)		593		66,659
Kohl’s Corp.		8,114		216,157
Lear Corp.		1,071		154,320
Lennar Corp., Class A		3,487		415,267
Lithia Motors, Inc., Class A		689		212,226
LKQ Corp.		2,968		155,909
Lowe’s Cos., Inc.^(c)		5,879		1,354,992
lululemon athletica, inc.^(b)		253		96,459
Macy’s, Inc.		13,750		168,162
Marriott International, Inc., Class A		1,014		206,359
Marriott Vacations Worldwide Corp.		514		55,867
McDonald’s Corp.		1,886		530,249
MercadoLibre, Inc. (Brazil)^(b)		82		112,534
MGM Resorts International^(c)		4,762		209,433
Mohawk Industries, Inc.^(b)		1,233		125,014
Murphy USA, Inc.		422		134,044
Newell Brands, Inc.		9,854		104,255
NIKE, Inc., Class B		5,513		560,727
NVR, Inc.^(b)		26		165,811
ODP Corp. (The)^(b)		1,417		69,886
O’Reilly Automotive, Inc.^(b)		271		254,659
Penn Entertainment, Inc.^(b)		3,465		82,086
Penske Automotive Group, Inc.		415		68,184
Phinia, Inc.^(b)		634		17,625
Polaris, Inc.		639		71,625
Pool Corp.		167		61,055
PulteGroup, Inc.		2,597		213,110
PVH Corp.		1,127		94,217
Qurate Retail, Inc., Class A^(b)		101,125		78,372
Ralph Lauren Corp.^(c)		770		89,805
Ross Stores, Inc.		1,719		209,391
Service Corp. International		1,234		77,878
Signet Jewelers Ltd.^(c)		1,111		83,325
Starbucks Corp.		3,622		352,928
Tapestry, Inc.		2,927		97,528
Taylor Morrison Home Corp., Class A^(b)		2,064		97,834
Tempur Sealy International, Inc.^(c)		1,680		78,490
Tesla, Inc.^(b)		4,106		1,059,676
Thor Industries, Inc.^(c)		1,314		137,733

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Consumer Discretionary-(continued)
TJX Cos., Inc. (The)		5,949	$	550,163
Toll Brothers, Inc.		1,809		148,211
Tractor Supply Co.^(c)		619		135,251
Ulta Beauty, Inc.^(b)		257		106,663
VF Corp.		4,539		89,691
Whirlpool Corp.^(c)		1,501		210,080
Williams-Sonoma, Inc.^(c)		1,063		150,096
Yum! Brands, Inc.		657		85,003

				24,056,196

Consumer Staples-8.08%
Albertson’s Cos., Inc., Class A		11,061		247,766
Altria Group, Inc.		13,588		600,861
Andersons, Inc. (The)		1,590		81,662
Archer-Daniels-Midland Co.		9,336		740,345
BJ’s Wholesale Club Holdings, Inc.^(b)		1,430		96,368
Brown-Forman Corp., Class B		1,251		82,729
Bunge Ltd.		2,208		252,419
Campbell Soup Co.		1,367		57,004
Casey’s General Stores, Inc.		407		99,475
Church & Dwight Co., Inc.		922		89,222
Clorox Co. (The)		465		72,749
Coca-Cola Co. (The)		14,638		875,792
Colgate-Palmolive Co.		3,299		242,378
Conagra Brands, Inc.		4,382		130,934
Constellation Brands, Inc., Class A		1,120		291,827
Costco Wholesale Corp.		2,559		1,405,608
Darling Ingredients, Inc.^(b)		1,109		68,492
Dollar General Corp.		1,571		217,584
Dollar Tree, Inc.^(b)(c)		1,356		165,920
Estee Lauder Cos., Inc. (The), Class A		1,329		213,344
General Mills, Inc.		3,595		243,238
Hershey Co. (The)		616		132,354
Hormel Foods Corp.		3,670		141,625
Ingredion, Inc.		555		57,115
JM Smucker Co. (The)		892		129,295
Kellogg Co.		2,357		143,824
Kenvue, Inc.		7,741		178,430
Keurig Dr Pepper, Inc.		7,187		241,843
Kimberly-Clark Corp.		1,500		193,245
Kraft Heinz Co. (The)		14,815		490,228
Kroger Co. (The)		16,496		765,249
McCormick & Co., Inc.		1,014		83,229
Molson Coors Beverage Co., Class B		2,823		179,232
Mondelez International, Inc., Class A		7,230		515,210
Monster Beverage Corp.^(b)		1,305		74,920
PepsiCo, Inc.		5,258		935,503
Performance Food Group Co.^(b)		3,665		227,707
Philip Morris International, Inc.		7,303		701,526
Procter & Gamble Co. (The)		11,627		1,794,511
Sysco Corp.		5,126		357,026
Target Corp.		5,783		731,839
Tyson Foods, Inc., Class A		8,691		462,970
United Natural Foods, Inc.^(b)		4,817		96,966
US Foods Holding Corp.^(b)		3,966		160,345
Walgreens Boots Alliance, Inc.		22,182		561,426
Walmart, Inc.		14,313		2,327,437

				17,958,772

Energy-11.65%
Antero Resources Corp.^(b)		5,589		154,648


	Shares		Value
Energy-(continued)
APA Corp.		6,227	$	272,992
Baker Hughes Co., Class A		9,986		361,393
Cheniere Energy, Inc.		2,339		381,725
Chesapeake Energy Corp.^(c)		2,287		201,736
Chevron Corp.		23,461		3,779,567
Chord Energy Corp.		606		97,869
Civitas Resources, Inc.^(c)		1,275		104,830
CNX Resources Corp.^(b)(c)		4,126		92,216
ConocoPhillips		16,567		1,971,970
Coterra Energy, Inc.		12,167		342,988
CVR Energy, Inc.^(c)		3,031		99,114
Delek US Holdings, Inc.^(c)		4,017		103,438
Devon Energy Corp.		7,704		393,597
Diamondback Energy, Inc.		2,558		388,253
EOG Resources, Inc.		6,010		773,006
EQT Corp.		4,952		214,025
Exxon Mobil Corp.		49,741		5,530,702
Halliburton Co.		6,064		234,192
Hess Corp.		1,339		206,875
HF Sinclair Corp.		5,419		298,533
Kinder Morgan, Inc.		26,604		458,121
Marathon Oil Corp.		14,095		371,403
Marathon Petroleum Corp.		14,809		2,114,281
Matador Resources Co.		1,427		90,615
Murphy Oil Corp.		2,461		111,729
Occidental Petroleum Corp.		12,421		779,915
ONEOK, Inc.		4,444		289,749
Ovintiv, Inc.		5,783		271,570
PBF Energy, Inc., Class A		6,300		295,407
Phillips 66		11,193		1,277,793
Pioneer Natural Resources Co.		3,605		857,738
Range Resources Corp.		2,561		82,925
Schlumberger N.V.		7,395		436,009
SM Energy Co.		2,581		109,202
Southwestern Energy Co.^(b)		20,860		141,431
Targa Resources Corp.		2,873		247,796
Valero Energy Corp.		10,651		1,383,565
Williams Cos., Inc. (The)		10,710		369,816
World Kinect Corp.		8,815		193,048

				25,885,782

Financials-5.96%
Affiliated Managers Group, Inc.		550		73,706
Allstate Corp. (The)		5,099		549,723
American Express Co.		6,119		966,741
American Financial Group, Inc.		1,257		145,711
Aon PLC, Class A		932		310,720
Arch Capital Group Ltd.^(b)		3,164		243,185
Assurant, Inc.		937		130,552
Berkshire Hathaway, Inc., Class B^(b)		4,038		1,454,488
Block, Inc., Class A^(b)(c)		2,725		157,096
Bread Financial Holdings, Inc.^(c)		2,364		88,839
Brown & Brown, Inc.		895		66,320
Cboe Global Markets, Inc.		473		70,813
Chubb Ltd.		5,005		1,005,354
Cincinnati Financial Corp.		1,683		178,045
Everest Group Ltd.		418		150,764
First American Financial Corp.		1,868		115,218
Fiserv, Inc.^(b)		4,073		494,421
FleetCor Technologies, Inc.^(b)		468		127,170

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Franklin Resources, Inc.		4,108	$	109,848
Hanover Insurance Group, Inc. (The)		504		53,787
Hartford Financial Services Group, Inc. (The)		5,210		374,182
Janus Henderson Group PLC		2,738		75,213
Lazard Ltd., Class A^(c)		2,445		84,939
LPL Financial Holdings, Inc.		466		107,455
Markel Group, Inc.^(b)		147		217,401
Marsh & McLennan Cos., Inc.		1,972		384,520
Mastercard, Inc., Class A		2,085		860,354
Moody’s Corp.		443		149,202
MSCI, Inc.		179		97,308
Nasdaq, Inc.		1,918		100,657
Old Republic International Corp.		5,425		148,374
OneMain Holdings, Inc.		3,725		154,625
PayPal Holdings, Inc.^(b)		9,228		576,842
Progressive Corp. (The)		3,657		488,100
StoneX Group, Inc.^(b)		2,516		236,202
T. Rowe Price Group, Inc.		2,317		260,037
Travelers Cos., Inc. (The)		3,192		514,646
Visa, Inc., Class A^(c)		5,905		1,450,740
W.R. Berkley Corp.		2,194		135,721
Western Union Co. (The)		5,788		71,482
Willis Towers Watson PLC		1,272		262,999

				13,243,500

Health Care-14.79%
Abbott Laboratories		8,473		871,872
AbbVie, Inc.		9,477		1,392,740
Agilent Technologies, Inc.		1,108		134,146
Align Technology, Inc.^(b)		250		92,535
Amgen, Inc.		3,608		924,875
AMN Healthcare Services, Inc.^(b)		602		53,205
Avantor, Inc.^(b)(c)		3,640		78,806
Baxter International, Inc.		4,006		162,644
Becton, Dickinson and Co.		1,478		413,027
Biogen, Inc.^(b)		669		178,864
BioNTech SE, ADR (Germany)^(b)		4,505		544,790
Boston Scientific Corp.^(b)		3,658		197,312
Bristol-Myers Squibb Co.		18,932		1,167,158
Cardinal Health, Inc.		9,977		871,291
Cencora, Inc.		4,865		856,143
Centene Corp.^(b)		14,608		900,583
Cigna Group (The)		6,106		1,686,844
Cooper Cos., Inc. (The)		195		72,148
CVS Health Corp.		34,161		2,226,272
Danaher Corp.		2,526		669,390
DaVita, Inc.^(b)		1,414		144,822
DENTSPLY SIRONA, Inc.		1,766		65,501
DexCom, Inc.^(b)		519		52,409
Edwards Lifesciences Corp.^(b)		1,569		119,981
Elanco Animal Health, Inc.^(b)		8,963		109,349
Elevance Health, Inc.		2,621		1,158,508
Eli Lilly and Co.		1,286		712,701
Fortrea Holdings, Inc.^(b)(c)		1,024		28,211
Gilead Sciences, Inc.		8,492		649,468
HCA Healthcare, Inc.		1,987		550,995
Henry Schein, Inc.^(b)		1,332		101,951
Hologic, Inc.^(b)		1,436		107,327
Horizon Therapeutics PLC^(b)(c)		854		96,280
Humana, Inc.		1,313		606,120


	Shares		Value
Health Care-(continued)
IDEXX Laboratories, Inc.^(b)		135	$	69,040
Illumina, Inc.^(b)		463		76,497
Intuitive Surgical, Inc.^(b)		669		209,183
IQVIA Holdings, Inc.^(b)(c)		981		218,400
Jazz Pharmaceuticals PLC^(b)		460		65,946
Johnson & Johnson		12,174		1,968,292
Laboratory Corp. of America Holdings		1,114		231,823
McKesson Corp.		3,288		1,355,708
Medtronic PLC		9,422		767,893
Merck & Co., Inc.		10,697		1,165,759
Mettler-Toledo International, Inc.^(b)		57		69,168
Moderna, Inc.^(b)(c)		3,136		354,587
Molina Healthcare, Inc.^(b)		635		196,926
Perrigo Co. PLC		1,765		61,775
Pfizer, Inc.		56,338		1,993,238
Quest Diagnostics, Inc.		1,452		190,938
Regeneron Pharmaceuticals, Inc.^(b)		591		488,456
ResMed, Inc.		254		40,536
STERIS PLC		437		100,331
Stryker Corp.		924		262,000
Syneos Health, Inc.^(b)		1,416		60,506
Teladoc Health, Inc.^(b)(c)		3,031		68,622
Tenet Healthcare Corp.^(b)		1,504		116,650
Thermo Fisher Scientific, Inc.		1,461		813,923
UnitedHealth Group, Inc.		6,008		2,863,293
Universal Health Services, Inc., Class B		1,147		154,501
Vertex Pharmaceuticals, Inc.^(b)		674		234,781
Viatris, Inc.		31,870		342,602
Zimmer Biomet Holdings, Inc.		1,119		133,295
Zoetis, Inc.^(c)		1,054		200,798

				32,873,735

Industrials-10.33%
3M Co.		5,940		633,620
A.O. Smith Corp.		886		64,235
AECOM		1,302		114,251
AGCO Corp.		728		94,298
AMETEK, Inc.		797		127,129
Atkore, Inc.^(b)		468		72,058
Automatic Data Processing, Inc.		1,452		369,694
Avis Budget Group, Inc.^(b)		1,654		352,947
Boeing Co. (The)^(b)		808		181,016
Boise Cascade Co.		938		102,589
Booz Allen Hamilton Holding Corp.		826		93,594
Broadridge Financial Solutions, Inc.		382		71,132
Builders FirstSource, Inc.^(b)		2,526		366,371
C.H. Robinson Worldwide, Inc.		1,855		167,748
CACI International, Inc., Class A^(b)		194		63,634
Carlisle Cos., Inc.		368		96,791
Carrier Global Corp.^(c)		5,523		317,296
Caterpillar, Inc.		3,537		994,357
Cintas Corp.		288		145,201
Copart, Inc.^(b)		1,476		66,169
CSX Corp.		14,928		450,826
Cummins, Inc.		1,212		278,808
Deere & Co.		1,798		738,870
Delta Air Lines, Inc.		2,351		100,811
Dover Corp.		782		115,971
Eaton Corp. PLC		1,738		400,383
EMCOR Group, Inc.		518		116,162

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Industrials-(continued)
Emerson Electric Co.		3,521	$	345,938
Equifax, Inc.		367		75,859
Expeditors International of Washington, Inc.		1,662		193,972
Fastenal Co.		1,842		106,062
FedEx Corp.		3,468		905,217
Fluor Corp.^(b)		2,336		81,737
Fortive Corp.		1,936		152,654
Fortune Brands Innovations, Inc.		1,333		92,004
General Dynamics Corp.		2,360		534,870
General Electric Co.		6,732		770,545
GXO Logistics, Inc.^(b)		1,010		64,610
Hertz Global Holdings, Inc.^(b)(c)		4,160		70,512
Honeywell International, Inc.		3,252		611,181
Howmet Aerospace, Inc.		1,732		85,682
Hubbell, Inc.		224		73,035
Huntington Ingalls Industries, Inc.		419		92,314
Illinois Tool Works, Inc.		1,143		282,721
Ingersoll Rand, Inc.		2,012		140,055
J.B. Hunt Transport Services, Inc.		618		116,110
Jacobs Solutions, Inc.		1,054		142,100
Johnson Controls International PLC		5,283		312,014
Knight-Swift Transportation Holdings, Inc.		1,998		109,530
L3Harris Technologies, Inc.		1,951		347,454
Landstar System, Inc.		354		67,193
Leidos Holdings, Inc.		1,488		145,095
Lockheed Martin Corp.		1,994		894,010
ManpowerGroup, Inc.		1,643		129,583
Masco Corp.		1,953		115,247
Matson, Inc.		1,084		95,262
MDU Resources Group, Inc.		2,190		44,588
Norfolk Southern Corp.		1,909		391,364
Northrop Grumman Corp.		936		405,372
Old Dominion Freight Line, Inc.		385		164,537
Oshkosh Corp.		1,055		109,541
Otis Worldwide Corp.		1,275		109,076
Owens Corning		1,225		176,290
PACCAR, Inc.		4,033		331,876
Parker-Hannifin Corp.		657		273,903
Paychex, Inc.		811		99,129
Quanta Services, Inc.		717		150,477
Regal Rexnord Corp.		640		103,802
Republic Services, Inc.		987		142,256
Robert Half, Inc.		1,038		76,770
Rockwell Automation, Inc.		367		114,533
RTX Corp.		11,709		1,007,442
Ryder System, Inc.		1,652		166,356
Science Applications International Corp.		662		77,891
Snap-on, Inc.		337		90,518
Southwest Airlines Co.		1,969		62,220
SS&C Technologies Holdings, Inc.		1,778		102,093
Stanley Black & Decker, Inc.		2,575		243,028
Textron, Inc.		2,611		202,901
Trane Technologies PLC		1,209		248,159
TransDigm Group, Inc.^(b)		99		89,481
Uber Technologies, Inc.^(b)		4,550		214,897
UFP Industries, Inc.		868		90,576
Union Pacific Corp.		3,998		881,839
United Airlines Holdings, Inc.^(b)		1,574		78,401
United Parcel Service, Inc., Class B		6,550		1,109,570
United Rentals, Inc.		624		297,361


	Shares		Value
Industrials-(continued)
Verisk Analytics, Inc.		590	$	142,910
W.W. Grainger, Inc.		188		134,258
Wabtec Corp.		1,478		166,305
Waste Connections, Inc.		1,035		141,785
Waste Management, Inc.		1,926		301,958
Watsco, Inc.^(c)		182		66,348
WESCO International, Inc.		653		105,688
WillScot Mobile Mini Holdings Corp.^(b)		1,327		54,434
XPO, Inc.^(b)		1,320		98,512
Xylem, Inc.		615		63,677
ZIM Integrated Shipping Services Ltd. (Israel)^(c)		15,391		185,769

				22,966,418

Information Technology-18.49%
Accenture PLC, Class A		2,980		964,835
Adobe, Inc.^(b)		1,624		908,368
Advanced Micro Devices, Inc.^(b)		5,590		590,975
Akamai Technologies, Inc.^(b)		1,194		125,477
Amdocs Ltd.		901		80,369
Amkor Technology, Inc.		3,003		83,964
Amphenol Corp., Class A		2,403		212,377
Analog Devices, Inc.		3,116		566,427
ANSYS, Inc.^(b)		221		70,470
Apple, Inc.		52,440		9,851,903
Applied Materials, Inc		4,640		708,806
Arista Networks, Inc.^(b)		501		97,810
Arrow Electronics, Inc.^(b)		1,734		231,368
Autodesk, Inc.^(b)		667		148,034
Avnet, Inc.		2,820		143,115
Broadcom, Inc.		1,848		1,705,501
Cadence Design Systems, Inc.^(b)		473		113,728
CDW Corp.		892		188,346
Cisco Systems, Inc.		28,118		1,612,567
Cognizant Technology Solutions Corp., Class A		4,540		325,109
Corning, Inc.		7,927		260,164
Dell Technologies, Inc., Class C		13,479		758,059
Dropbox, Inc., Class A^(b)		2,758		76,645
DXC Technology Co.^(b)		6,181		128,194
Flex Ltd.^(b)(c)		7,109		196,137
Fortinet, Inc.^(b)		1,735		104,464
Gartner, Inc.^(b)		279		97,561
Gen Digital, Inc.		3,831		77,578
GoDaddy, Inc., Class A^(b)		1,120		81,211
Hewlett Packard Enterprise Co.		27,332		464,371
HP, Inc.		17,397		516,865
Intel Corp.		52,871		1,857,887
International Business Machines Corp.		6,867		1,008,282
Intuit, Inc.		849		459,997
Jabil, Inc.		2,424		277,354
Juniper Networks, Inc.		2,662		77,517
Keysight Technologies, Inc.^(b)		704		93,843
KLA Corp.		723		362,852
Kyndryl Holdings, Inc.^(b)		7,021		118,514
Lam Research Corp.		615		431,976
Marvell Technology, Inc.		3,824		222,748
Microchip Technology, Inc.		2,599		212,702
Micron Technology, Inc.		12,660		885,440
Microsoft Corp.		18,472		6,054,383

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Information Technology-(continued)
Motorola Solutions, Inc.		422	$	119,667
NetApp, Inc.		1,740		133,458
NVIDIA Corp.		2,489		1,228,446
ON Semiconductor Corp.^(b)		1,535		151,136
Oracle Corp.		5,924		713,190
Palo Alto Networks, Inc.^(b)		622		151,333
Qorvo, Inc.^(b)		1,215		130,479
QUALCOMM, Inc.		7,364		843,399
Roper Technologies, Inc.		311		155,208
Salesforce, Inc.^(b)		3,501		775,331
Sanmina Corp.^(b)		1,151		64,111
Seagate Technology Holdings PLC^(c)		2,593		183,558
ServiceNow, Inc.^(b)		268		157,806
Silicon Laboratories, Inc.^(b)		437		58,934
Skyworks Solutions, Inc.		1,373		149,300
Synopsys, Inc.^(b)		361		165,659
TD SYNNEX Corp.		1,457		148,250
TE Connectivity Ltd.		2,200		291,258
Teledyne Technologies, Inc.^(b)		198		82,823
Teradyne, Inc.		872		94,063
Texas Instruments, Inc.		3,849		646,863
Trimble, Inc.^(b)		1,410		77,254
Twilio, Inc., Class A^(b)(c)		1,522		96,967
VMware, Inc., Class A^(b)		1,941		327,602
Western Digital Corp.^(b)		4,523		203,535
Workday, Inc., Class A^(b)		466		113,937
Xerox Holdings Corp.^(c)		5,427		86,235
Zebra Technologies Corp., Class A^(b)		272		74,803
Zoom Video Communications, Inc., Class A^(b)		1,485		105,480

				41,084,378

Materials-4.67%
Air Products and Chemicals, Inc.		976		288,398
Albemarle Corp.^(c)		477		94,785
Alcoa Corp.		3,485		104,829
Amcor PLC		16,925		164,850
Avery Dennison Corp.		525		98,900
Ball Corp.		2,664		145,055
Berry Global Group, Inc.		2,310		150,935
Celanese Corp.^(c)		1,260		159,214
CF Industries Holdings, Inc.		3,402		262,192
Chemours Co. (The)		2,505		85,220
Cleveland-Cliffs, Inc.^(b)		15,067		230,374
Commercial Metals Co.		1,704		95,918
Corteva, Inc.		5,548		280,229
Crown Holdings, Inc.		1,504		139,361
Dow, Inc.		13,507		736,942
DuPont de Nemours, Inc.		5,010		385,219
Eastman Chemical Co.		2,059		175,036
Ecolab, Inc.		919		168,921
FMC Corp.		657		56,653
Freeport-McMoRan, Inc.		11,759		469,302
Graphic Packaging Holding Co.		2,760		61,382
Huntsman Corp.		4,510		125,694
International Flavors & Fragrances, Inc.		2,671		188,172
International Paper Co.		8,206		286,554
Linde PLC		2,534		980,759
Louisiana-Pacific Corp.		1,632		101,967
LyondellBasell Industries N.V., Class A		5,158		509,456
Martin Marietta Materials, Inc.		245		109,370


	Shares		Value
Materials-(continued)
Mosaic Co. (The)		8,034	$	312,121
Newmont Corp.		8,125		320,287
Nucor Corp.		4,660		801,986
Olin Corp.		2,728		158,279
Packaging Corp. of America		913		136,128
PPG Industries, Inc.		1,164		165,009
Reliance Steel & Aluminum Co.		734		209,161
Sherwin-Williams Co. (The)		985		267,644
Sonoco Products Co.		985		56,588
Steel Dynamics, Inc.		2,872		306,126
Ternium S.A., ADR (Mexico)		5,646		235,890
United States Steel Corp.		12,015		373,546
Vulcan Materials Co.		525		114,581
WestRock Co.		8,204		268,353

				10,381,386

Real Estate-0.68%
CBRE Group, Inc., Class A^(b)		3,178		270,289
CoStar Group, Inc.^(b)		778		63,788
Equinix, Inc.^(c)		234		182,843
Host Hotels & Resorts, Inc.		3,876		61,202
Iron Mountain, Inc.^(c)		1,489		94,611
Jones Lang LaSalle, Inc.^(b)(c)		1,038		179,366
Public Storage		978		270,300
SBA Communications Corp., Class A		386		86,669
Weyerhaeuser Co.		7,254		237,569
Zillow Group, Inc., Class C^(b)		1,314		68,538

				1,515,175

Utilities-2.17%
AES Corp. (The)^(c)		6,511		116,742
Alliant Energy Corp.		1,509		75,707
Ameren Corp.		2,012		159,491
American Electric Power Co., Inc.		4,646		364,246
CenterPoint Energy, Inc.		5,777		161,121
CMS Energy Corp.		2,105		118,280
Consolidated Edison, Inc.		3,421		304,332
DTE Energy Co.		1,956		202,211
Edison International		3,428		236,018
Entergy Corp.		2,210		210,503
Eversource Energy		3,087		197,012
FirstEnergy Corp.		5,435		196,040
NiSource, Inc.		3,954		105,809
NRG Energy, Inc.		5,612		210,731
OGE Energy Corp.		1,954		66,534
PPL Corp.		8,294		206,687
Public Service Enterprise Group, Inc.		3,667		223,980
Sempra		5,048		354,471
Southern Co. (The)		7,934		537,370
UGI Corp.		3,930		98,957
Vistra Corp.		7,110		223,396
WEC Energy Group, Inc.		2,233		187,840
Xcel Energy, Inc.		4,442		253,771

				4,811,249

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $218,742,249)				222,055,096

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.53%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		2,195,569	$	2,195,569
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		5,653,488		5,653,488

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,849,162)				7,849,057

TOTAL INVESTMENTS IN SECURITIES-103.46% (Cost $226,591,411)				229,904,153
OTHER ASSETS LESS LIABILITIES-(3.46)%				(7,683,760	)

NET ASSETS-100.00%			$	222,220,393

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Invesco Ltd.		$	103,448		$	93,502		$	(195,243	)		$	(819	)		$	(888	)		$	-		$	4,658

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			56,869			4,862,288			(4,919,157	)			-				-				-			2,722

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,578,393			32,247,892			(31,630,716	)			-				-				2,195,569			90,747	*

Invesco Private Prime Fund			4,058,724			62,318,765			(60,723,463	)			(134	)			(404	)			5,653,488			241,525	*


Total		$	5,797,434		$	99,522,447		$	(97,468,579	)		$	(953	)		$	(1,292	)		$	7,849,057		$	339,652

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Statements of Assets and Liabilities

August 31, 2023


	Invesco Bloomberg Pricing Power ETF (POWA)				Invesco RAFI^TMStrategic US ETF (IUS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	217,337,214			$222,055,096
Affiliated investments in securities, at value			-			7,849,057
Receivable for:
Dividends			375,591			434,522
Securities lending			1			4,625
Foreign tax reclaims			165			-
Other assets			7,309			-

Total assets			217,720,280			230,343,300


Liabilities:
Due to custodian			248,532			239,381
Payable for:
Collateral upon return of securities loaned			-			7,849,162
Accrued unitary management fees			9,555			34,364
Accrued advisory fees			81,624			-
Accrued trustees’ and officer’s fees			8,891			-
Accrued expenses			54,337			-

Total liabilities			402,939			8,122,907

Net Assets		$	217,317,341			$222,220,393


Net assets consist of:
Shares of beneficial interest		$	293,452,772			$227,357,503
Distributable earnings (loss)			(76,135,431	)		(5,137,110	)

Net Assets		$	217,317,341			$222,220,393

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,160,000			5,375,001
Net asset value		$	68.77			$41.34

Market price		$	68.79			$41.34

Unaffiliated investments in securities, at cost		$	211,130,328			$218,742,249

Affiliated investments in securities, at cost		$	-			$ 7,849,162

^(a)Includes securities on loan with an aggregate value of:		$	-			$ 7,678,191

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Statements of Operations

For the year ended August 31, 2023


	Invesco Bloomberg Pricing Power ETF (POWA)			Invesco RAFI^TMStrategic US ETF (IUS)
Investment income:
Unaffiliated dividend income	$	5,133,780		$	3,904,289
Affiliated dividend income		7,096			7,380
Securities lending income, net		6,959			30,374
Foreign withholding tax		(576	)		(163	)

Total investment income		5,147,259			3,941,880


Expenses:
Unitary management fees		9,555			374,864
Advisory fees		1,230,190			-
Accounting & administration fees		14,813			-
Custodian & transfer agent fees		(2,072	)		-
Trustees’ and officer’s fees		9,166			-
Other expenses		60,350			-

Total expenses		1,322,002			374,864

Less: Waivers		(171	)		(75	)

Net expenses		1,321,831			374,789

Net investment income		3,825,428			3,567,091


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(8,319,666	)		(3,191,222	)
Affiliated investment securities		(104	)		(3,857	)
Unaffiliated in-kind redemptions		16,838,108			17,471,144
Affiliated in-kind redemptions		-			2,565

Net realized gain		8,518,338			14,278,630

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,748,510			6,267,487
Affiliated investment securities		-			(953	)

Change in net unrealized appreciation		1,748,510			6,266,534

Net realized and unrealized gain		10,266,848			20,545,164

Net increase in net assets resulting from operations	$	14,092,276		$	24,112,255

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco Bloomberg Pricing Power ETF (POWA)						Invesco RAFI^TM Strategic US ETF (IUS)
	2023			2022			2023			2022
Operations:
Net investment income	$	3,825,428		$	3,768,495		$	3,567,091		$	2,940,282
Net realized gain		8,518,338			8,398,181			14,278,630			33,719,057
Change in net unrealized appreciation (depreciation)		1,748,510			(30,530,441	)		6,266,534			(42,182,610	)

Net increase (decrease) in net assets resulting from operations		14,092,276			(18,363,765	)		24,112,255			(5,523,271	)


Distributions to Shareholders from:
Distributable earnings		(4,063,244	)		(3,001,999	)		(3,191,512	)		(3,038,324	)


Shareholder Transactions:
Proceeds from shares sold		138,251,132			298,090,596			172,451,669			107,737,113
Value of shares repurchased		(196,076,496	)		(312,531,169	)		(122,753,363	)		(127,583,687	)

Net increase (decrease) in net assets resulting from share transactions		(57,825,364	)		(14,440,573	)		49,698,306			(19,846,574	)

Net increase (decrease) in net assets		(47,796,332	)		(35,806,337	)		70,619,049			(28,408,169	)


Net assets:
Beginning of year		265,113,673			300,920,010			151,601,344			180,009,513

End of year	$	217,317,341		$	265,113,673		$	222,220,393		$	151,601,344


Changes in Shares Outstanding:
Shares sold		2,060,000			4,280,000			4,500,000			2,775,000
Shares repurchased		(2,940,000	)		(4,570,000	)		(3,250,000	)		(3,325,000	)
Shares outstanding, beginning of year		4,040,000			4,330,000			4,125,001			4,675,001

Shares outstanding, end of year		3,160,000			4,040,000			5,375,001			4,125,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Financial Highlights

Invesco Bloomberg Pricing Power ETF (POWA)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	65.62		$	69.50		$	56.99		$	53.27		$	49.47

Net investment income^(a)		1.03			0.92			0.64			0.75			0.68
Net realized and unrealized gain (loss) on investments		3.10			(4.02	)		12.66			3.62			3.73

Total from investment operations		4.13			(3.10	)		13.30			4.37			4.41

Distributions to shareholders from:
Net investment income		(0.98	)		(0.78	)		(0.79	)		(0.65	)		(0.61	)

Net asset value at end of year	$	68.77		$	65.62		$	69.50		$	56.99		$	53.27

Market price at end of year^(b)	$	68.79		$	65.68		$	69.47		$	57.08		$	53.30

Net Asset Value Total Return^(c)		6.36	%		(4.54	)%		23.61	%		8.22	%		9.27	%
Market Price Total Return^(c)		6.29	%		(4.40	)%		23.36	%		8.34	%		9.20	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	217,317		$	265,114		$	300,920		$	307,735		$	245,052
Ratio to average net assets of:
Expenses		0.53	%		0.54	%		0.55	%		0.53	%		0.55	%
Net investment income		1.54	%		1.35	%		1.05	%		1.42	%		1.37	%
Portfolio turnover rate^(d)		195	%		134	%		121	%		136	%		145	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Financial Highlights–(continued)

Invesco RAFI^TM Strategic US ETF (IUS)


	Years Ended August 31,												For the Period September 10, 2018^(a) Through August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	36.75		$	38.50		$	28.08		$	24.93			$	25.00

Net investment income^(b)		0.69			0.64			0.56			0.54				0.58
Net realized and unrealized gain (loss) on investments		4.55			(1.72	)		10.40			3.13				(0.26	)

Total from investment operations		5.24			(1.08	)		10.96			3.67				0.32

Distributions to shareholders from:
Net investment income		(0.65	)		(0.67	)		(0.54	)		(0.52	)			(0.39	)

Net asset value at end of period	$	41.34		$	36.75		$	38.50		$	28.08			$	24.93

Market price at end of period^(c)	$	41.34		$	36.79		$	38.52		$	28.14			$	24.94

Net Asset Value Total Return^(d)		14.46	%		(2.84	)%		39.47	%		15.17	%			1.45	%^(e)
Market Price Total Return^(d)		14.34	%		(2.78	)%		39.25	%		15.38	%			1.50	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	222,220		$	151,601		$	180,010		$	143,213			$	117,188
Ratio to average net assets of:
Expenses		0.19	%		0.19	%		0.19	%		0.19	%			0.20	%^(f)
Net investment income		1.81	%		1.65	%		1.69	%		2.09	%			2.41	%^(f)
Portfolio turnover rate^(g)		13	%		10	%		15	%		15	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization


Full Name		Short Name

Invesco Bloomberg Pricing Power ETF (POWA)*		“Bloomberg Pricing Power ETF”

Invesco RAFI^TMStrategic US ETF (IUS)		“RAFI^TMStrategic US ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Defensive Equity ETF to Invesco Bloomberg Pricing Power ETF.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Bloomberg Pricing Power ETF’s Shares are listed and traded on NYSE Arca, Inc. RAFI^TMStrategic US ETF’s Shares are listed and traded on The Nasdaq Stock Market LLC.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

Bloomberg Pricing Power ETF		Bloomberg Pricing Power Index

RAFI^TMStrategic US ETF		Invesco Strategic US Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial

statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.


		24

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of


		25

capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Dividends and Distributions to Shareholders - Bloomberg Pricing Power ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. RAFI^TM Strategic US ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year or period-end.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Bloomberg Pricing Power ETF was responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel


		26

expenses and legal fees of counsel for the Independent Trustees, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Bloomberg Pricing Power ETF		$675

RAFI^TMStrategic US ETF		2,149


		27

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. Bloomberg Pricing Power ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate,


		28

including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

Bloomberg Pricing Power ETF*		0.40%

RAFI^TMStrategic US ETF		0.19%

*	Effective on August 28, 2023, the Fund’s annual advisory fee was reduced and changed to a unitary management fee.

Prior to August 28, 2023, pursuant to another Investment Advisory Agreement, Bloomberg Pricing Power ETF accrued daily and paid monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets. Prior to August 28, 2023, the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Bloomberg Pricing Power ETF (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”).

For the fiscal year ended August 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Bloomberg Pricing Power ETF	$	171

RAFI^TMStrategic US ETF		75

The fees waived and/or expenses borne by the Adviser for Bloomberg Pricing Power ETF pursuant to the Expense Cap were subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment would be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. Claims for any unreimbursed fees were terminated in connection with the implementation of Bloomberg Pricing Power ETF’s unitary management fee effective on August 28, 2023.


		29

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

Bloomberg Pricing Power ETF		Bloomberg Index Services Limited

RAFI^TMStrategic US ETF		Invesco Indexing LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

For the fiscal year ended August 31, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Bloomberg Pricing Power ETF	$	58,747

RAFI^TMStrategic US ETF		5,696

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023, for RAFITM Strategic US ETF. As of August 31, 2023, all of the securities in Bloomberg Pricing Power ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

RAFI^TMStrategic US ETF
Investments in Securities
Common Stocks & Other Equity Interests		$222,055,096		$ -		$-		$222,055,096
Money Market Funds		-		7,849,057		-		7,849,057

Total Investments		$222,055,096		$7,849,057		$-		$229,904,153


		30

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022
	Ordinary		Ordinary
	Income*		Income*
Bloomberg Pricing Power ETF	$	4,063,244	$	3,001,999

RAFI^TMStrategic US ETF		3,191,512		3,038,324

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation- Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Bloomberg Pricing Power ETF	$	2,358,651	$	(7,451	)	$	5,979,451	$	(84,466,082	)	$	293,452,772	$	217,317,341

RAFI^TMStrategic US ETF		843,068		-			3,103,215		(9,083,393	)		227,357,503		222,220,393

The Funds have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
Bloomberg Pricing Power ETF	$	84,466,082	$	-	$	84,466,082

RAFI^TMStrategic US ETF		5,528,081		3,555,312		9,083,393

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales
Bloomberg Pricing Power ETF	$	482,389,396	$	480,624,189

RAFI^TMStrategic US ETF		26,950,209		25,920,894

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
Bloomberg Pricing Power ETF	$	138,164,765	$	197,371,837

RAFI^TMStrategic US ETF		170,461,294		121,161,925

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for

financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		(Depreciation)			Appreciation		Cost
Bloomberg Pricing Power ETF	$	8,062,141	$	(2,082,690	)	$	5,979,451	$	211,357,763

RAFI^TMStrategic US ETF		16,156,844		(13,053,629	)		3,103,215		226,800,938


		31

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Bloomberg Pricing Power ETF		$	60			$	(15,330,627	)		$	15,330,567

RAFI^TMStrategic US ETF			(2,425	)			(17,228,152	)			17,230,577

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Prior to August 28, 2023, Bloomberg Pricing Power ETF accrued amounts to pay for such remuneration. These fees accrued by Bloomberg Pricing Power ETF are included in Trustees’ and Officer’s Fees. The Interested Trustee does not receive any Trustees’ fees.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		32

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Bloomberg Pricing Power ETF and Invesco RAFI^TM Strategic US ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg Pricing Power ETF and Invesco RAFI^TM Strategic US ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023


		33

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any

transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in

comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Bloomberg Pricing Power ETF (POWA)

Actual		$	1,000.00		$	1,036.00		0.52	%		$	2.67

Hypothetical (5% return before expenses)			1,000.00			1,022.58		0.52				2.65

Invesco RAFI^TMStrategic US ETF (IUS)

Actual			1,000.00			1,115.60		0.19				1.01

Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97

⁽¹⁾


		34

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco Bloomberg Pricing Power ETF		0	%		100	%		100	%		0	%		0	%

Invesco RAFI^TMStrategic US ETF		0	%		100	%		100	%		0	%		0	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


		35

Trustees and Officers

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		36

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948
c/o Invesco Capital
Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		37

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		38

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		39

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958
c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		40

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		41

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Interested Trustee

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974
Invesco Capital
Management LLC
3500 Lacey Road Suite 700 Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		42

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		43

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		44

Trustees and Officers–(continued)

Name, Address and Year of Birth
of Executive Officers

Position(s)
Held

with Trust

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976
Invesco Capital Management
LLC
3500 Lacey Road,
Suite 700
Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		45

Approval of Investment Advisory Contracts



Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF

Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2024 Municipal Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares 2031 Municipal Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TMStrategic US ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^®Dynamic Multifactor ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^®Dynamic Multifactor ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.


		46

Approval of Investment Advisory Contracts–(continued)

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

•

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

•

0.19% of the Fund’s average daily net assets for Invesco RAFI^TM Strategic US ETF;

•

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

•

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^® Dynamic Multifactor ETF;

•

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

•

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^® Dynamic Multifactor ETF; and

•


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2023 Corporate Bond ETF	X		X

Invesco BulletShares 2024 Corporate Bond ETF	X		X
Invesco BulletShares 2025 Corporate Bond ETF	X		X

Invesco BulletShares 2026 Corporate Bond ETF	X		X
Invesco BulletShares 2027 Corporate Bond ETF	X		X

Invesco BulletShares 2028 Corporate Bond ETF	X		X
Invesco BulletShares 2029 Corporate Bond ETF	X		X

Invesco BulletShares 2030 Corporate Bond ETF	X		X
Invesco BulletShares 2031 Corporate Bond ETF	X		X

Invesco BulletShares 2023 High Yield Corporate Bond ETF		N/A	X


		47

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2026 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2028 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2029 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2023 Municipal Bond ETF		N/A	X

Invesco BulletShares 2024 Municipal Bond ETF		N/A	X
Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2031 Municipal Bond ETF	X	N/A	X

Invesco International Developed Dynamic Multifactor ETF			X
Invesco Investment Grade Defensive ETF	X	X	X

Invesco Racial and Gender Diversity ETF	X	X	X
Invesco RAFI^TMStrategic US ETF	X		X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X
Invesco Russell 2000^®Dynamic Multifactor ETF			X

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.


		48

Approval of Investment Advisory Contracts–(continued)

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.


		49

Approval of Investment Advisory Contracts

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees and expenses paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Fund. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Fund.

The Trustees reviewed information on the performance of the Fund and its underlying index for the one-year, three-year, five-year, ten-year and since-inception (December 15, 2006) periods ended December 31, 2022, including reports for the one-year, three-year and since inception periods on the correlation and tracking error between the Fund’s performance and the performance of its underlying index. In reviewing the tracking error report, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to the Fund’s general expected tracking error range. The Trustees also considered that the Fund was created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each period, the correlation and tracking error for the Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that the Fund was correlated to its underlying index and that the tracking error for the Fund was within an acceptable range given the Fund’s circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to the Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (the “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least August 31, 2025.

The Trustees compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF peer funds and open-end index peer funds, but was lower than the median net advisory fee of its open-end actively-managed peer funds. The Trustees also noted that the Fund’s net expense ratio was higher than the median net expense ratios of its ETF peer funds and open-end index peer funds, but was lower than the median net expense ratio of its open-end actively-managed peer funds.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to that of the Fund. The Trustees considered the Adviser’s explanation of the differences


		50

Approval of Investment Advisory Contracts–(continued)

between the services provided to the Fund and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Fund requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund, as well as the fees waived and expenses reimbursed by the Adviser for the Fund. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Advisers. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed the Fund’s asset size, advisory fee, expense ratio and the Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat advisory fee rate was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as the Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that the Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.


		51

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SIFT-AR-2	invesco.com/ETFs

Invesco Annual Report to Shareholders

August 31, 2023

IIGD Invesco Investment Grade Defensive ETF

Table of Contents


The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			7

Schedule of Investments

Invesco Investment Grade Defensive ETF (IIGD)			8

Statement of Assets and Liabilities			12

Statement of Operations			13

Statement of Changes in Net Assets			14

Financial Highlights			15

Notes to Financial Statements			16

Report of Independent Registered Public Accounting Firm			23

Fund Expenses			24

Tax Information			25

Trustees and Officers			26

Approval of Investment Advisory Contracts			36


		2

The Market Environment

Fixed Income

¹	Source: Federal Reserve of Economic Data

²	Source: US Department of the Treasury

³	Source: Fitch Ratings

†


		3


IIGD		Management’s Discussion of Fund Performance
IIGD		Invesco Investment Grade Defensive ETF (IIGD)

As an index fund, the Invesco Investment Grade Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. investment grade bonds having the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser and Invesco Distributors, Inc. the Fund’s distributor.

In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar- denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) have an average credit rating that is higher than BBB- (or equivalent), as derived from ratings by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. and Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million in face value outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index.

The Index Provider assigns a quality score (“Quality Score”) to each eligible bond, which is calculated based on such bond’s maturity and credit rating. With respect to the maturity factor, each bond is scored based on the number of years remaining to maturity, with bonds having fewer years to maturity receiving higher scores. With respect to the credit rating factor, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally-weighted average of the numerical scores of each agency that has rated the bond. The maturity and credit scores for each bond are standardized across the universe of eligible bonds, and the Quality Score for each bond is computed as an equally-weighted combination of these two factors.

All eligible securities are ranked by Quality Score. Initially, bonds with Quality Scores in the top 40% of eligible securities are selected for inclusion in the Index. At each monthly rebalance, any new eligible security with a Quality Score in the top 30% of eligible securities is added to the Index, and current Index constituents with a Quality Score in the top 50% of eligible securities remain in

the Index, provided that they satisfy all other eligibility criteria. Index constituents are equally-weighted. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.24%. On a net asset value (“NAV”) basis, the Fund returned 0.99%. During the same time period, the Index returned 1.18%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 0.78%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the banking industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation in the insurance industry, followed by its overweight allocation to the capital markets industry.

For the fiscal year ended August 31, 2023, the insurance industry contributed the most to the Fund’s performance followed by the capital markets industry. The life sciences tools & services industry detracted most significantly from the Fund’s return, followed by the machinery and the energy equipment & services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Adobe, Inc., 2.30% coupon, due 02/01/2030, a software company (portfolio average weight of 0.70%), and DTE Electric Co., 2.25% coupon, due 03/01/2030, a multi-utilities company (positions average weight of 0.70%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Cummins, Inc., 1.50% coupon, due 09/01/2030, a machinery company (portfolio average weight of 0.70%), and Medtronic Global Holdings SCA, 4.25% coupon, due 11/15/2027, a health care equipment & supplies company (portfolio average weight of 0.70%).


		4

Invesco Investment Grade Defensive ETF (IIGD) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			33.52
Utilities			11.11
Industrials			9.84
Energy			9.74
Health Care			8.33
Information Technology			7.62
Consumer Staples			6.28
Consumer Discretionary			5.56
Sector Types Each Less Than 3%			7.01
Money Market Funds Plus Other Assets Less Liabilities			0.99

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Metropolitan Life Global Funding I, 4.05%, 08/25/2025			0.79
National Securities Clearing Corp., 0.75%, 12/07/2025			0.77
Truist Bank, 3.63%, 09/16/2025			0.76
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026			0.76
Cummins, Inc., 1.50%, 09/01/2030			0.75
Truist Bank, 3.30%, 05/15/2026			0.73
Discover Bank, 3.45%, 07/27/2026			0.73
Athene Global Funding, 2.55%, 11/19/2030			0.71
Metropolitan Life Global Funding I, 3.45%, 12/18/2026			0.71
Norfolk Southern Corp., 2.90%, 06/15/2026			0.71
Total			7.42

*	Excluding money market fund holdings.


		5

Invesco Investment Grade Defensive ETF (IIGD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Invesco Investment Grade Defensive Index		1.18	%		(1.97	)%		(5.79	)%		1.64	%		8.47	%		1.75	%		9.23	%
iBoxx USD Liquid Investment Grade Index		0.78			(4.92	)		(14.03	)		1.52			7.84			1.60			8.45
Fund
NAV Return		0.99			(2.18	)		(6.41	)		1.44			7.43			1.55			8.18
Market Price Return		1.24			(2.17	)		(6.38	)		1.43			7.38			1.57			8.26

Fund Inception: July 25, 2018

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund.


		6

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of the Fund’s portfolio. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

●

The Fund’s investment strategy remained appropriate for an open-end fund;

●

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Fund did not breach the 15% limit on Illiquid Investments; and

●

The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.


		7

Invesco Investment Grade Defensive ETF (IIGD)

August 31, 2023

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.01%
Aerospace & Defense-0.71%
Lockheed Martin Corp., 3.55%, 01/15/2026	$	539,000	$	521,918

Air Freight & Logistics-0.69%
United Parcel Service, Inc., 3.05%, 11/15/2027^(b)		545,000		510,777

Automobile Components-0.70%
ERAC USA Finance LLC, 4.60%, 05/01/2028^(c)		530,000		516,216

Automobiles-0.67%
General Motors Co., 6.13%, 10/01/2025		490,000		492,241

Banks-9.12%
Bank of America Corp., 3.50%, 04/19/2026		535,000		508,925
Fifth Third Bank N.A., 3.85%, 03/15/2026		530,000		494,765
JPMorgan Chase & Co., 2.95%, 10/01/2026		555,000		518,757
KeyBank N.A., 5.85%, 11/15/2027		520,000		501,906
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026^(b)		580,000		555,383
National Securities Clearing Corp., 0.75%, 12/07/2025^(c)		625,000		566,635
Truist Bank
3.63%, 09/16/2025^(b)		590,000		559,532
3.30%, 05/15/2026		580,000		539,386
3.80%, 10/30/2026		550,000		508,486
Truist Financial Corp., 1.13%, 08/03/2027		610,000		516,157
U.S. Bancorp, Series V, 2.38%, 07/22/2026^(b)		510,000		470,353
Wells Fargo & Co., 3.00%, 04/22/2026		485,000		454,771
Wells Fargo Bank N.A., 5.45%, 08/07/2026		510,000		511,719

				6,706,775

Beverages-0.70%
PepsiCo, Inc., 3.00%, 10/15/2027^(b)		545,000		512,960

Biotechnology-1.40%
Biogen, Inc., 4.05%, 09/15/2025		530,000		514,189
Gilead Sciences, Inc., 3.65%, 03/01/2026		532,000		511,974

				1,026,163

Broadline Retail-0.69%
Amazon.com, Inc., 3.15%, 08/22/2027		542,000		510,018

Capital Markets-7.65%
Apollo Management Holdings L.P., 4.87%, 02/15/2029^(c)		530,000		510,565
Bank of New York Mellon Corp. (The), 3.85%, 04/28/2028		540,000		514,033
BlackRock, Inc., 1.90%, 01/28/2031^(b)		635,000		515,700
Cboe Global Markets, Inc., 3.65%, 01/12/2027		535,000		512,264
Charles Schwab Corp. (The), 2.45%, 03/03/2027^(b)		570,000		513,287
FMR LLC, 7.57%, 06/15/2029^(c)		470,000		510,954
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027		550,000		522,217
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029^(c)		570,000		516,514
Morgan Stanley, 3.88%, 01/27/2026		505,000		486,284


	Principal Amount		Value
Capital Markets-(continued)
Northern Trust Corp., 4.00%, 05/10/2027	$	535,000	$	514,101
State Street Corp., 5.27%, 08/03/2026		515,000		515,262

				5,631,181

Chemicals-2.10%
Ecolab, Inc., 2.70%, 11/01/2026		545,000		510,609
EIDP, Inc., 4.50%, 05/15/2026		530,000		519,924
Linde, Inc., 3.20%, 01/30/2026		534,000		514,285

				1,544,818

Commercial Services & Supplies-0.70%
Cintas Corp. No. 2, 3.70%, 04/01/2027		535,000		513,906

Communications Equipment-0.70%
Cisco Systems, Inc., 2.50%, 09/20/2026^(b)		550,000		515,274

Consumer Finance-1.41%
American Express Co., 2.55%, 03/04/2027		550,000		500,310
Discover Bank, 3.45%, 07/27/2026		585,000		535,960

				1,036,270

Consumer Staples Distribution & Retail-2.80%
Costco Wholesale Corp., 1.60%, 04/20/2030		625,000		516,066
Kroger Co. (The), 2.65%, 10/15/2026^(b)		560,000		518,229
Target Corp., 2.50%, 04/15/2026^(b)		545,000		516,405
Walmart, Inc., 1.80%, 09/22/2031		620,000		507,920

				2,058,620

Electric Utilities-7.62%
Duke Energy Florida LLC, 2.50%, 12/01/2029		600,000		518,077
Entergy Arkansas LLC, 3.50%, 04/01/2026		537,000		515,281
Entergy Corp., 0.90%, 09/15/2025		575,000		522,785
Florida Power & Light Co., 2.45%, 02/03/2032		610,000		506,199
Jersey Central Power & Light Co., 4.30%, 01/15/2026^(c)		535,000		519,071
MidAmerican Energy Co., 3.65%, 04/15/2029		547,000		510,206
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		544,000		507,348
NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025		460,000		461,316
PPL Capital Funding, Inc., 3.10%, 05/15/2026		545,000		514,615
Southern California Edison Co., 5.85%, 11/01/2027		500,000		512,134
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		549,000		522,609

				5,609,641

Electrical Equipment-0.70%
Emerson Electric Co., 2.00%, 12/21/2028^(b)		595,000		517,366

Energy Equipment & Services-0.70%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		555,000		515,036

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2023


	Principal Amount		Value
Entertainment-1.41%
Activision Blizzard, Inc., 3.40%, 09/15/2026	$	540,000	$	516,204
TWDC Enterprises 18 Corp., 1.85%, 07/30/2026		570,000		522,278

				1,038,482

Financial Services-2.79%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		533,000		511,283
Mastercard, Inc., 3.35%, 03/26/2030^(b)		550,000		505,867
Nuveen LLC, 4.00%, 11/01/2028^(c)		544,000		512,193
Visa, Inc., 3.15%, 12/14/2025		544,000		522,029

				2,051,372

Food Products-1.40%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026^(b)		549,000		515,565
Mars, Inc., 4.55%, 04/20/2028^(c)		525,000		516,552

				1,032,117

Gas Utilities-1.39%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028		510,000		509,124
Southern California Gas Co., 2.95%, 04/15/2027		550,000		511,300

				1,020,424

Ground Transportation-1.40%
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		520,000		504,078
Norfolk Southern Corp., 2.90%, 06/15/2026		555,000		523,290

				1,027,368

Health Care Equipment & Supplies-2.08%
Abbott Laboratories, 3.75%, 11/30/2026		529,000		512,857
Medtronic Global Holdings S.C.A., 4.25%, 11/15/2027		520,000		506,064
Stryker Corp., 3.50%, 03/15/2026		535,000		513,967

				1,532,888

Health Care Providers & Services-2.10%
Ascension Health, Series B, 2.53%, 11/15/2029		599,000		518,354
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029		611,000		519,019
Sutter Health, Series 20-A, 2.29%, 08/15/2030		615,000		509,039

				1,546,412

Hotels, Restaurants & Leisure-0.71%
McDonald’s Corp., 3.70%, 01/30/2026		540,000		522,526

Household Durables-0.71%
DR Horton, Inc., 1.30%, 10/15/2026		590,000		520,535

Household Products-0.69%
Procter & Gamble Co. (The), 3.00%, 03/25/2030		555,000		507,558

Independent Power and Renewable Electricity Producers-0.70%
NSTAR Electric Co., 3.20%, 05/15/2027		552,000		517,408


	Principal Amount		Value
Industrial Conglomerates-1.40%
3M Co., 2.38%, 08/26/2029^(b)	$	595,000	$	513,385
Honeywell International, Inc., 2.50%, 11/01/2026		556,000		519,184

				1,032,569

Insurance-12.55%
American International Group, Inc., 3.90%, 04/01/2026		495,000		478,061
Aon Global Ltd., 3.88%, 12/15/2025		490,000		474,104
Athene Global Funding, 2.55%, 11/19/2030^(c)		670,000		525,158
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		538,000		515,964
Equitable Financial Life Global Funding, 1.80%, 03/08/2028^(c)		611,000		519,296
F&G Global Funding, 1.75%, 06/30/2026^(b)(c)		585,000		520,746
GA Global Funding Trust, 1.63%, 01/15/2026^(c)		540,000		483,275
Jackson National Life Global Funding, 3.05%, 04/29/2026^(c)		565,000		521,076
MassMutual Global Funding II, 4.50%, 04/10/2026^(b)(c)		530,000		520,655
Metropolitan Life Global Funding I 4.05%, 08/25/2025^(b)(c)		600,000		581,867
3.45%, 12/18/2026^(b)(c)		555,000		523,633
New York Life Global Funding, 4.85%, 01/09/2028^(b)(c)		525,000		519,792
New York Life Insurance Co., 5.88%, 05/15/2033^(c)		500,000		511,661
Northwestern Mutual Global Funding 0.80%, 01/14/2026^(c)		581,000		522,717
4.90%, 06/12/2028^(c)		520,000		514,640
Pacific Life Global Funding II, 1.38%, 04/14/2026^(c)		580,000		522,587
Pricoa Global Funding I, 1.20%, 09/01/2026^(b)(c)		520,000		461,006
Principal Life Global Funding II, 3.00%, 04/18/2026^(c)		552,000		515,288

				9,231,526

Interactive Media & Services-0.70%
Alphabet, Inc., 1.10%, 08/15/2030		639,000		512,401

Machinery-3.54%
Caterpillar Financial Services Corp., 4.35%, 05/15/2026		520,000		512,028
Cummins, Inc., 1.50%, 09/01/2030^(b)		685,000		550,530
Fortive Corp., 3.15%, 06/15/2026		545,000		512,381
Illinois Tool Works, Inc., 2.65%, 11/15/2026^(b)		550,000		515,328
John Deere Capital Corp., 4.95%, 07/14/2028		515,000		517,065

				2,607,332

Media-0.70%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		535,000		512,138

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2023


	Principal Amount		Value
Multi-Utilities-1.40%
DTE Electric Co., 2.25%, 03/01/2030	$	605,000	$	514,191
WEC Energy Group, Inc., 4.75%, 01/09/2026		525,000		518,095

				1,032,286

Oil, Gas & Consumable Fuels-9.04%
Chevron Corp., 2.95%, 05/16/2026		540,000		514,809
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026^(c)		540,000		510,824
Chevron USA, Inc., 1.02%, 08/12/2027		600,000		521,206
ConocoPhillips Co., 6.95%, 04/15/2029		465,000		511,900
EOG Resources, Inc., 4.15%, 01/15/2026^(b)		528,000		517,203
Exxon Mobil Corp., 3.04%, 03/01/2026		540,000		516,082
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(c)		530,000		490,477
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		515,000		509,071
PDC Energy, Inc., 5.75%, 05/15/2026		500,000		499,063
Phillips 66 Co., 4.95%, 12/01/2027		515,000		510,073
Pioneer Natural Resources Co., 5.10%, 03/29/2026		515,000		511,158
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		500,000		522,847
Williams Cos., Inc. (The), 4.00%, 09/15/2025		535,000		518,358

				6,653,071

Paper & Forest Products-0.71%
Georgia-Pacific LLC, 0.95%, 05/15/2026^(c)		585,000		519,779

Personal Care Products-0.69%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028		520,000		507,921

Pharmaceuticals-2.75%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		555,000		514,366
Johnson & Johnson, 2.45%, 03/01/2026		543,000		512,490
Pfizer, Inc., 3.00%, 12/15/2026		550,000		520,634
Zoetis, Inc., 4.50%, 11/13/2025		480,000		473,100

				2,020,590

Professional Services-0.70%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		533,000		515,941

Real Estate Management & Development-0.69%
CBRE Services, Inc., 4.88%, 03/01/2026^(b)		520,000		508,891

Residential REITs-0.70%
Mid-America Apartments L.P., 3.60%, 06/01/2027		545,000		516,214

Semiconductors & Semiconductor Equipment-3.50%
Applied Materials, Inc., 3.30%, 04/01/2027		540,000		512,858
Lam Research Corp., 4.00%, 03/15/2029		535,000		513,345
Microchip Technology, Inc., 4.25%, 09/01/2025		530,000		515,990

Investment Abbreviations:
REIT -Real Estate Investment Trust


	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
NVIDIA Corp., 2.85%, 04/01/2030^(b)	$	570,000	$	512,023
QUALCOMM, Inc., 3.25%, 05/20/2027^(b)		550,000		519,659

				2,573,875

Software-2.09%
Adobe, Inc., 2.30%, 02/01/2030		595,000		516,932
Microsoft Corp., 2.40%, 08/08/2026		545,000		511,320
Salesforce, Inc., 3.70%, 04/11/2028		530,000		508,082

				1,536,334

Specialty Retail-1.38%
Home Depot, Inc. (The), 2.95%, 06/15/2029		565,000		513,542
TJX Cos., Inc. (The), 2.25%, 09/15/2026		545,000		502,705

				1,016,247

Technology Hardware, Storage & Peripherals-1.33%
Apple, Inc., 3.25%, 02/23/2026		535,000		514,632
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		470,000		463,995

				978,627

Textiles, Apparel & Luxury Goods-0.70%
NIKE, Inc., 2.85%, 03/27/2030		575,000		513,770

Total U.S. Dollar Denominated Bonds & Notes (Cost $75,680,841)				72,845,782


	Shares
Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e) (Cost $150,154)		150,154		150,154

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.21% (Cost $75,830,995)				72,995,936


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.09%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		3,313,996		3,313,996
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		8,521,578		8,521,578

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,835,310)				11,835,574

TOTAL INVESTMENTS IN SECURITIES-115.30% (Cost $87,666,305)				84,831,510
OTHER ASSETS LESS LIABILITIES-(15.30)%				(11,257,469	)

NET ASSETS-100.00%			$	73,574,041

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		10

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $13,453,177, which represented 18.29% of the Fund’s Net Assets.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	15,399		$	4,438,032		$	(4,303,277	)		$	-			$	-			$	150,154		$	5,513

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,808,355			28,095,911			(26,590,270	)			-				-				3,313,996			140,287	*

Invesco Private Prime Fund			4,650,056			62,331,787			(58,458,817	)			(43	)			(1,405	)			8,521,578			380,616	*

Total		$	6,473,810		$	94,865,730		$	(89,352,364	)		$	(43	)		$	(1,405	)		$	11,985,728		$	526,416

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Statement of Assets and Liabilities

August 31, 2023


	Invesco Investment Grade Defensive ETF (IIGD)
Assets:
Unaffiliated investments in securities, at value^(a)		$	72,845,782
Affiliated investments in securities, at value			11,985,728
Cash			5,325
Receivable for:
Dividends and interest			747,538
Securities lending			2,155
Investments sold			7,482,164

Total assets			93,068,692


Liabilities:
Payable for:
Investments purchased			7,651,130
Collateral upon return of securities loaned			11,835,310
Accrued unitary management fees			8,211

Total liabilities			19,494,651

Net Assets		$	73,574,041


Net assets consist of:
Shares of beneficial interest		$	79,827,034
Distributable earnings (loss)			(6,252,993	)

Net Assets		$	73,574,041

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,100,001
Net asset value		$	23.73

Market price		$	23.73

Unaffiliated investments in securities, at cost		$	75,680,841

Affiliated investments in securities, at cost		$	11,985,464

^(a)Includes securities on loan with an aggregate value of:		$	10,052,859

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Statement of Operations

For the year ended August 31, 2023


	Invesco Investment Grade Defensive ETF (IIGD)
Investment income:
Unaffiliated interest income		$	2,653,348
Affiliated dividend income			5,513
Securities lending income, net			24,299

Total investment income			2,683,160


Expenses:
Unitary management fees			101,032

Less: Waivers			(130	)

Net expenses			100,902

Net investment income			2,582,258


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,437,341	)
Affiliated investment securities			(1,405	)
In-kind redemptions			(1,319,970	)

Net realized gain (loss)			(3,758,716	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,226,192
Affiliated investment securities			(43	)

Change in net unrealized appreciation			1,226,149

Net realized and unrealized gain (loss)			(2,532,567	)

Net increase in net assets resulting from operations		$	49,691

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco Investment Grade Defensive ETF (IIGD)
	2023			2022
Operations:
Net investment income	$	2,582,258		$	1,086,424
Net realized gain (loss)		(3,758,716	)		(4,015,993	)
Change in net unrealized appreciation (depreciation)		1,226,149			(4,735,024	)

Net increase (decrease) in net assets resulting from operations		49,691			(7,664,593	)


Distributions to Shareholders from:
Distributable earnings		(2,622,032	)		(1,784,051	)


Shareholder Transactions:
Proceeds from shares sold		127,540,684			22,100,889
Value of shares repurchased		(108,435,431	)		(53,265,895	)

Net increase (decrease) in net assets resulting from share transactions		19,105,253			(31,165,006	)

Net increase (decrease) in net assets		16,532,912			(40,613,650	)


Net assets:
Beginning of year		57,041,129			97,654,779

End of year	$	73,574,041		$	57,041,129


Changes in Shares Outstanding:
Shares sold		5,300,000			850,000
Shares repurchased		(4,550,000	)		(2,150,000	)
Shares outstanding, beginning of year		2,350,001			3,650,001

Shares outstanding, end of year		3,100,001			2,350,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Financial Highlights

Invesco Investment Grade Defensive ETF (IIGD)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	24.27		$	26.75		$	27.43		$	26.30		$	25.16

Net investment income^(a)		0.80			0.31			0.33			0.53			0.66
Net realized and unrealized gain (loss) on investments		(0.58	)		(2.30	)		(0.27	)		1.14			1.03

Total from investment operations		0.22			(1.99	)		0.06			1.67			1.69


Distributions to shareholders from:
Net investment income		(0.76	)		(0.32	)		(0.33	)		(0.53	)		(0.78	)
Net realized gains		-			(0.17	)		(0.41	)		(0.02	)		(0.01	)

Total distributions		(0.76	)		(0.49	)		(0.74	)		(0.55	)		(0.79	)

Transaction fees^(a)		-			-			-			0.01			0.24

Net asset value at end of year	$	23.73		$	24.27		$	26.75		$	27.43		$	26.30

Market price at end of year^(b)	$	23.73		$	24.20		$	26.76		$	27.41		$	26.37


Net Asset Value Total Return^(c)		0.95	%		(7.55	)%		0.21	%		6.50	%		7.81	%
Market Price Total Return^(c)		1.24	%		(7.82	)%		0.32	%		6.13	%		8.05	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	73,574		$	57,041		$	97,655		$	83,647		$	65,744
Ratio to average net assets of:
Expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.15	%^(d)
Net investment income		3.32	%		1.21	%		1.21	%		1.98	%		2.57	%^(d)
Portfolio turnover rate^(e)		84	%		51	%		53	%		74	%		71	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization


Full Name		Short Name
Invesco Investment Grade Defensive ETF (IIGD)		“Investment Grade Defensive ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		16

closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.


		17

Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


		18

that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, there were no affiliated securities lending transactions with Invesco.

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase the Fund’s portfolio turnover rate and transaction costs.


		19

refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Sampling Risk. The Fund’s use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.13% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2023, the Adviser waived fees of $130.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of the Fund with Invesco Indexing LLC (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund


		20

is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	72,845,782		$	-		$	72,845,782

Money Market Funds			150,154			11,835,574			-			11,985,728


Total Investments		$	150,154		$	84,681,356		$	-		$	84,831,510

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023			2022

Ordinary income		$	2,622,032		$	1,244,059

Long-term capital gain			-			539,992

Tax Components of Net Assets at Fiscal Year-End:



Net unrealized appreciation (depreciation) — investments	$	(3,003,738	)

Capital loss carryforward		(3,249,255	)

Shares of beneficial interest		79,827,034


Total net assets	$	73,574,041

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.


		21

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were $125,936,918 and $107,403,174, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


Aggregate unrealized appreciation of investments	$	17,011

Aggregate unrealized (depreciation) of investments		(3,020,749	)


Net unrealized appreciation of investments	$	(3,003,738	)


Cost of investments for tax purposes is $87,835,248.

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, undistributed net investment income (loss) was increased by $39,774, undistributed net realized gain (loss) was increased by $1,565,051 and Shares of beneficial interest were decreased by $1,604,825. These reclassifications had no effect on the net assets of the Fund.

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. The Interested Trustee does not receive any Trustees’ fees.

NOTE 9—Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of the Fund on the transaction date. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.


		22

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Investment Grade Defensive ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Investment Grade Defensive ETF (one of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter referred to as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023


		23

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Investment Grade Defensive ETF (the “Fund”), you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Investment Grade Defensive ETF (IIGD)

Actual		$1,000.00		$1,019.70		0.13%		$0.66

Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13		0.66

⁽¹⁾


		24

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:



Qualified Business Income*	0	%

Qualified Dividend Income*	0	%

Corporate Dividends Received Deduction*	0	%

U.S. Treasury Obligations*	0	%

Business Interest Income*	98	%

Qualified Interest Income*	97	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


		25

Trustees and Officers

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		26

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		27

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of
Office

and

Length of

Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		28

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		29

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)
Held

with Trust

Term of

Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		30

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		31

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Interested Trustee

Position(s)

Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		32

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		33

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		34

Trustees and Officers–(continued)

Name, Address and Year

of Birth of Executive Officers

Position(s)
Held

with Trust

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		35

Approval of Investment Advisory Contracts


Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TMStrategic US ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^®Dynamic Multifactor ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^®Dynamic Multifactor ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF


		36

Approval of Investment Advisory Contracts–(continued)

●

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

●

0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;

●

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

●

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^® Dynamic Multifactor ETF;

●

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

●

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^® Dynamic Multifactor ETF; and

●


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco BulletShares 2023 Corporate Bond ETF	X		X

Invesco BulletShares 2024 Corporate Bond ETF	X		X

Invesco BulletShares 2025 Corporate Bond ETF	X		X

Invesco BulletShares 2026 Corporate Bond ETF	X		X

Invesco BulletShares 2027 Corporate Bond ETF	X		X

Invesco BulletShares 2028 Corporate Bond ETF	X		X

Invesco BulletShares 2029 Corporate Bond ETF	X		X

Invesco BulletShares 2030 Corporate Bond ETF	X		X

Invesco BulletShares 2031 Corporate Bond ETF	X		X

Invesco BulletShares 2023 High Yield Corporate Bond ETF		N/A	X


		37

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2026 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2028 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2029 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2023 Municipal Bond ETF		N/A	X

Invesco BulletShares 2024 Municipal Bond ETF		N/A	X

Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2031 Municipal Bond ETF	X	N/A	X

Invesco International Developed Dynamic Multifactor ETF			X

Invesco Investment Grade Defensive ETF	X	X	X

Invesco Racial and Gender Diversity ETF	X	X	X

Invesco RAFI^TMStrategic US ETF	X		X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X

Invesco Russell 2000^®Dynamic Multifactor ETF			X

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.


		38

Approval of Investment Advisory Contracts–(continued)


		39

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Fund with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of the Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-AR-3

invesco.com/ETFs



		Invesco Annual Report to Shareholders

		August 31, 2023
		IMFL		Invesco International Developed Dynamic Multifactor ETF

		OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF

		OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF

Table of Contents


The Market Environment			3

Management’s Discussion of Fund Performance			5

Liquidity Risk Management Program			13

Schedules of Investments

Invesco International Developed Dynamic Multifactor ETF (IMFL)			14

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)			21

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)			26

Statements of Assets and Liabilities			34

Statements of Operations			35

Statements of Changes in Net Assets			36

Financial Highlights			37

Notes to Financial Statements			40

Report of Independent Registered Public Accounting Firm			50

Fund Expenses			51

Tax Information			52

Trustees and Officers			53

Approval of Investment Advisory Contracts			63


		2

The Market Environment

Domestic Equity

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.

Global Equity


		3

The Market Environment–(continued)


		4


IMFL		Management’s Discussion of Fund Performance
IMFL		Invesco International Developed Dynamic Multifactor ETF (IMFL)

As an index fund, the Invesco International Developed Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks is taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large-capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States.

The Index emphasizes investments that exhibit the following factors: low volatility, momentum, quality, size and value. At any given time, depending on the current stage of the economic cycle of the overall market, the Index will target different subsets (that is, two or three) of those five factors (referred to as “factor configurations”). The Index is designed to utilize factor configurations that, in the view of the Index Provider, have historically outperformed other factors in certain stages of the economic cycle. The specific factor configurations used by the Index will change depending on which of the following four stages of the economic cycle currently is prevalent: recovery, expansion, slowdown and contraction. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 25.74%. On a net asset value (“NAV”) basis, the Fund returned 24.43%. During the same time period, the Index returned 25.64%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 15.87%. The Benchmark Index is an unmanaged index weighted by market capitalization. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the materials and consumer staples sectors and most underweight in the financials and information technology sectors during the fiscal year ended August 31, 2023. The Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the industrials, materials, consumer discretionary and consumer staples sectors, as well as to the Fund’s underweight allocation to the financials sector.

For the fiscal year ended August 31, 2023, Japan was the country that contributed most significantly to the Fund’s return, followed by France and the United Kingdom, respectively. Israel was the country that detracted most significantly from the Fund’s return, followed by New Zealand and Hong Kong, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Novo Nordisk A/S, Class B, a Danish company (no longer held at fiscal year-end) and Novartis AG, a Swiss company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Goodman Group, an Australian company (no longer held at fiscal year-end) and Whitehaven Coal Ltd., an Australian company (portfolio average weight of 0.19%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Industrials			22.38
Materials			17.11
Financials			17.10
Consumer Discretionary			13.51
Consumer Staples			5.65
Utilities			5.48
Real Estate			4.19
Health Care			3.94
Communication Services			3.63
Information Technology			3.52
Energy			3.18
Money Market Funds Plus Other Assets Less Liabilities			0.31


		5

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Centrica PLC			1.20
Fairfax Financial Holdings Ltd.			1.03
Covestro AG			1.00
ACS Actividades de Construccion y Servicios S.A.			0.84
Adecco Group AG			0.73
Heidelberg Materials AG			0.71
Bank of Ireland Group PLC			0.69
Canadian Tire Corp. Ltd., Class A			0.69
BlueScope Steel Ltd.			0.68
ORLEN S.A.			0.64
Total			8.21

*	Excluding money market fund holdings.


		6

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)		25.64	%		2.86	%		7.34	%
FTSE Developed ex US Index (Net)		15.87			0.26			0.64
Fund
NAV Return		24.43			2.14			5.45
Market Price Return		25.74			1.43			3.62

Fund Inception: February 24, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.34% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		7


OMFL		Management’s Discussion of Fund Performance
OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

As an index fund, the Invesco Russell 1000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000^® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 17.91%. On a net asset value (“NAV”) basis, the Fund returned 18.05%. During the same time period, the Index returned 18.46%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 15.40%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. large-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples and energy sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during

the period can be attributed to the Fund’s overweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The utilities sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Eli Lilly and Co., a health care company (no longer held at fiscal year-end) and Microsoft Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Alphabet Inc., Class A, a communication services company (no longer held at fiscal year-end) and Alphabet Inc., Class C, a communication services company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			20.56
Industrials			18.71
Consumer Discretionary			15.19
Materials			10.95
Energy			7.77
Information Technology			7.02
Health Care			6.14
Consumer Staples			5.05
Real Estate			3.53
Sector Types Each Less Than 3%			4.96
Money Market Funds Plus Other Assets Less Liabilities			0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Hewlett Packard Enterprise Co.			1.07
Builders FirstSource, Inc.			0.90
Coterra Energy, Inc.			0.81
Marathon Oil Corp.			0.80
United Airlines Holdings, Inc.			0.79
HP, Inc.			0.77
EQT Corp.			0.76
CF Industries Holdings, Inc.			0.73
Jabil, Inc.			0.72
Tyson Foods, Inc., Class A			0.72
Total			8.07

*	Excluding money market fund holdings.


		8

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Russell 1000^® Invesco Dynamic Multifactor Index		18.46	%		17.06	%		60.41	%		13.48	%		88.18	%		14.27	%		117.05	%
Russell 1000^® Index		15.40			9.93			32.84			10.77			66.78			11.67			89.93
Fund
NAV Return		18.05			16.71			58.96			13.17			85.65			13.94			113.45
Market Price Return		17.91			16.66			58.76			13.17			85.65			13.94			113.45

Oppenheimer Russell 1000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		9


OMFS		Management’s Discussion of Fund Performance
OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

As an index fund, the Invesco Russell 2000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000 Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.51%. On a net asset value (“NAV”) basis, the Fund returned 6.34%. During the same time period, the Index returned 6.96%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 4.65%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the financials and industrials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s

outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the industrials sector and the Fund’s underweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Telephone & Data Systems, Inc., a communication services company (portfolio average weight of 0.10%) and Rambus Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Rogers Corp., an information technology company (no longer held at fiscal year-end) and Qualys, Inc., an information technology company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			23.90
Industrials			17.98
Consumer Discretionary			15.63
Energy			9.20
Health Care			7.40
Communication Services			6.13
Real Estate			5.45
Information Technology			5.45
Materials			5.11
Consumer Staples			3.15
Utilities			0.50
Money Market Funds Plus Other Assets Less Liabilities			0.10


		10

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Telephone & Data Systems, Inc.			1.02
Caleres, Inc.			0.52
SilverBow Resources, Inc.			0.50
Berry Corp.			0.49
Vital Energy, Inc.			0.48
SunCoke Energy, Inc.			0.47
Diversified Healthcare Trust			0.45
Hovnanian Enterprises, Inc., Class A			0.44
Designer Brands, Inc., Class A			0.43
Beazer Homes USA, Inc.			0.43
Total			5.23

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Russell 2000^® Invesco Dynamic Multifactor Index		6.96	%		15.24	%		53.02	%		6.72	%		38.43	%		8.53	%		60.93	%
Russell 2000^® Index		4.65			8.12			26.40			3.14			16.73			5.77			38.57
Fund
NAV Return		6.34			14.73			51.00			6.22			35.24			8.03			56.62
Market Price Return		6.51			14.78			51.22			6.27			35.55			8.07			56.98


		11

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS) (continued)

Oppenheimer Russell 2000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		12

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

•

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

•

Each Fund’s investment strategy remained appropriate for an open-end fund;

•

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

•

The Funds did not breach the 15% limit on Illiquid Investments; and

•

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		13

Invesco International Developed Dynamic Multifactor ETF (IMFL)

August 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.69%
Australia-6.85%
Adbri Ltd.^(a)		116,361	$	166,548
AGL Energy Ltd.		170,526		1,224,793
AMP Ltd.		673,139		551,488
Ampol Ltd.		36,017		823,422
Ansell Ltd.		28,807		439,742
Aurizon Holdings Ltd.		197,014		465,726
Beach Energy Ltd.		449,244		452,432
Bendigo & Adelaide Bank Ltd.^(a)		66,710		410,877
BlueScope Steel Ltd.		118,055		1,606,390
Boral Ltd.^(b)		85,263		260,641
Challenger Ltd.		167,847		740,289
Charter Hall Group		47,901		336,290
CSR Ltd.		123,562		472,147
Deterra Royalties Ltd.		40,667		117,204
Downer EDI Ltd.		171,984		476,730
EBOS Group Ltd.		16,739		378,257
Evolution Mining Ltd.^(a)		283,859		682,051
GPT Group (The)		166,295		452,344
Harvey Norman Holdings Ltd.^(a)		131,443		343,922
Iluka Resources Ltd.		41,131		227,226
JB Hi-Fi Ltd.^(a)		27,289		807,159
Magellan Financial Group Ltd.		35,486		205,694
Metcash Ltd.		241,094		582,419
Mirvac Group		257,537		403,641
Nufarm Ltd.		96,625		324,786
Orora Ltd.		207,860		473,864
Perpetual Ltd.		7,608		103,819
Platinum Asset Management Ltd.		96,709		89,566
Region RE Ltd.		180,657		252,725
Seven Group Holdings Ltd.		17,014		308,095
Stockland		223,159		612,803
Tabcorp Holdings Ltd.		562,565		398,958
Vicinity Ltd.		217,067		262,891
Whitehaven Coal Ltd.		200,272		789,911

				16,244,850

Austria-0.96%
ANDRITZ AG		5,493		292,607
OMV AG		9,943		461,558
Raiffeisen Bank International AG^(b)		32,151		462,360
Telekom Austria AG^(b)		30,645		230,163
voestalpine AG		28,675		839,683

				2,286,371

Belgium-1.17%
Ackermans & van Haaren N.V		2,352		370,658
Proximus SADP^(a)		35,622		269,786
Sofina S.A.		1,631		367,495
Solvay S.A., Class A		5,949		690,227
Umicore S.A.^(a)		31,967		848,996
Warehouses De Pauw C.V.A		8,264		236,790

				2,783,952

Burkina Faso-0.16%
Endeavour Mining PLC		18,231		372,626

Cambodia-0.04%
NagaCorp Ltd.^(b)		178,000		90,796


	Shares		Value
Canada-1.82%
Canadian Tire Corp. Ltd., Class A^(a)		13,755	$	1,629,718
Fairfax Financial Holdings Ltd.		2,965		2,441,931
IGM Financial, Inc.		8,882		252,880

				4,324,529

China-1.22%
AAC Technologies Holdings, Inc.		169,000		327,580
BOC Aviation Ltd.^(c)		25,600		192,120
Huabao International Holdings Ltd.		129,000		46,555
Kerry Logistics Network Ltd.		67,000		62,969
Lenovo Group Ltd.		1,124,000		1,271,385
MMG Ltd.^(a)(b)		608,000		202,363
Nexteer Automotive Group Ltd.^(a)		201,000		129,442
SITC International Holdings Co. Ltd.		138,000		257,284
Xinyi Glass Holdings Ltd.		275,000		406,096

				2,895,794

Denmark-1.00%
Danske Bank A/S		52,032		1,171,808
H Lundbeck A/S		28,656		145,889
H Lundbeck A/S, Class A		15,149		67,771
Pandora A/S		7,509		780,539
Rockwool A/S, Class B		770		197,183

				2,363,190

Finland-1.17%
Fortum OYJ		65,563		882,369
Huhtamaki OYJ^(a)		6,912		237,887
Kesko OYJ, Class B		26,510		518,483
Kojamo OYJ^(a)		29,675		296,311
Valmet OYJ^(a)		12,718		324,382
Wartsila OYJ Abp		40,198		511,549

				2,770,981

France-5.69%
ALD S.A.^(c)		22,215		215,432
Arkema S.A.		13,574		1,423,753
Bouygues S.A.^(a)		22,199		768,589
Carrefour S.A.		52,495		1,006,756
Cie de L’Odet SE		97		151,602
Covivio S.A.		4,977		243,404
Eiffage S.A.		11,200		1,110,079
Eurazeo SE		12,190		720,396
ICADE		5,059		191,299
JCDecaux SE^(b)		14,103		262,357
Renault S.A.		33,185		1,344,708
Rexel S.A.		60,170		1,417,130
SCOR SE		37,595		1,172,700
SEB S.A.		7,310		805,292
Valeo		61,069		1,193,063
Vivendi SE		92,464		843,992
Wendel SE		6,714		615,391

				13,485,943

Germany-6.23%
Commerzbank AG		91,027		1,002,781
Continental AG		7,485		557,458
Covestro AG^(b)(c)		44,473		2,368,549
DWS Group GmbH & Co. KGaA^(c)		3,209		110,756
Evonik Industries AG		15,471		297,293

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Germany-(continued)
Fresenius Medical Care AG& Co. KGaA		25,253	$	1,221,042
Fresenius SE & Co. KGaA		41,767		1,342,275
FUCHS SE		2,288		75,244
Heidelberg Materials AG		20,943		1,688,421
HelloFresh SE^(b)		16,911		547,327
HOCHTIEF AG		5,425		580,854
KION Group AG		13,267		531,336
Lanxess AG		21,550		682,500
LEG Immobilien SE^(b)		10,774		778,791
METRO AG^(b)		33,338		265,948
Sixt SE, Preference Shares		1,123		73,009
Talanx AG		7,058		475,328
Telefonica Deutschland Holding AG^(a)		46,719		88,939
thyssenkrupp AG		113,621		876,055
Traton SE		10,014		206,397
United Internet AG		23,131		445,618
Wacker Chemie AG		1,128		166,624
Zalando SE^(b)(c)		12,921		402,904

				14,785,449

Hong Kong-1.70%
ASMPT Ltd.		65,600		657,109
Bank of East Asia Ltd. (The)		216,600		308,807
Cafe de Coral Holdings Ltd.		58,000		70,265
Dah Sing Banking Group Ltd.		90,000		61,632
Dah Sing Financial Holdings Ltd.		34,800		76,507
DFI Retail Group Holdings Ltd.		76,494		188,940
Guotai Junan International Holdings Ltd.^(a)		613,000		50,811
Haitong International Securities Group Ltd.^(a)(b)		697,000		55,997
Hang Lung Group Ltd.		165,000		227,666
Hutchison Port Holdings Trust, Class U		1,286,109		213,494
Hutchison Telecommunications Hong Kong
Holdings Ltd.		302,000		42,363
Hysan Development Co. Ltd.		38,000		79,181
Johnson Electric Holdings Ltd., Class H		88,000		118,055
Kerry Properties Ltd.		148,000		273,663
Man Wah Holdings Ltd.		206,000		149,737
PCCW Ltd.		647,000		307,752
United Energy Group Ltd.		820,000		108,751
VTech Holdings Ltd.		36,200		221,122
WH Group Ltd.		1,150,000		592,470
Yue Yuen Industrial Holdings Ltd.		174,000		218,339

				4,022,661

Indonesia-0.10%
First Pacific Co. Ltd.		570,000		242,777

Ireland-1.21%
AIB Group PLC		198,710		906,245
Bank of Ireland Group PLC		164,641		1,643,620
Glanbia PLC^(a)		19,080		317,668

				2,867,533

Israel-1.26%
Airport City Ltd.^(b)		10,170		156,233
Alony Hetz Properties & Investments Ltd.^(a)		17,658		134,586
Ashtrom Group Ltd.		9,752		134,022
Bezeq The Israeli Telecommunication Corp. Ltd.		213,226		288,994
Big Shopping Centers Ltd.^(b)		856		71,666
Delek Group Ltd.		1,970		283,392


	Shares		Value
Israel-(continued)
Elco Ltd.		2,404	$	77,722
Gav-Yam Lands Corp. Ltd.		4,480		28,803
Harel Insurance Investments & Financial Services Ltd.		28,277		206,291
Israel Corp. Ltd.		949		264,340
Israel Discount Bank Ltd., Class A		88,294		442,830
Melisron Ltd.		1,220		76,605
Mivne Real Estate KD Ltd.		44,695		107,257
Phoenix Holdings Ltd. (The)		30,262		303,632
Shufersal Ltd.^(b)		67,917		316,670
Strauss Group Ltd.^(b)		4,465		97,075

				2,990,118

Italy-3.64%
A2A S.p.A.		380,172		730,131
Banca Mediolanum S.p.A.		51,060		467,728
Buzzi S.p.A.		21,400		641,516
De’ Longhi S.p.A.		17,604		466,581
Hera S.p.A.		195,976		594,716
Italgas S.p.A.		58,400		332,768
Leonardo S.p.A.		100,353		1,450,245
Mediobanca Banca di Credito Finanziario S.p.A.^(a)		107,907		1,413,601
Pirelli & C. S.p.A.^(c)		99,214		496,091
Poste Italiane S.p.A.^(c)		47,988		534,119
Telecom Italia S.p.A.^(a)(b)		2,611,125		811,937
Telecom Italia S.p.A., RSP^(a)(b)		1,535,495		471,634
UnipolSai Assicurazioni S.p.A.		86,477		219,064

				8,630,131

Japan-33.85%
Aeon Mall Co. Ltd.		7,209		86,457
AGC, Inc.		17,308		607,863
Aica Kogyo Co. Ltd.		3,876		91,985
Ain Holdings, Inc.		1,443		51,571
Air Water, Inc.		40,004		503,674
Aisin Corp.		16,114		538,701
Alfresa Holdings Corp.		41,447		710,024
Alps Alpine Co. Ltd.		50,928		425,901
Amada Co. Ltd.		25,896		274,640
Amano Corp.		3,731		81,419
Anritsu Corp.		4,776		35,053
ASKUL Corp.		7,607		102,726
Benesse Holdings, Inc.		7,313		93,155
Bic Camera, Inc.^(a)		36,257		269,465
BIPROGY, Inc.		5,174		134,019
Brother Industries Ltd.		13,875		235,261
Canon Marketing Japan, Inc.		3,876		101,889
Chiba Bank Ltd. (The)		35,063		250,837
Chugin Financial Group, Inc.		41,182		273,764
Chugoku Electric Power Co., Inc. (The)^(b)		12,134		80,054
Coca-Cola Bottlers Japan Holdings, Inc.		25,860		337,227
COMSYS Holdings Corp.		12,134		258,624
Concordia Financial Group Ltd.		67,042		297,668
Cosmo Energy Holdings Co. Ltd.		18,502		665,937
CyberAgent, Inc.		23,472		149,617
Dai Nippon Printing Co. Ltd.		22,744		622,244
Daicel Corp.		63,090		527,393
Daido Steel Co. Ltd.		8,950		370,701
Daio Paper Corp.		20,790		177,290
Daito Trust Construction Co. Ltd.		2,692		297,057

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Japan-(continued)
DeNA Co. Ltd.^(a)		11,189	$	116,052
Denka Co. Ltd.		13,183		248,791
DIC Corp.		20,641		356,080
DMG Mori Co. Ltd.		21,735		397,197
Dowa Holdings Co. Ltd.		11,587		372,637
Ebara Corp.		9,452		471,285
Electric Power Development Co. Ltd.		41,198		642,936
ENEOS Holdings, Inc.		152,589		572,582
EXEO Group, Inc.		24,682		525,394
Ezaki Glico Co. Ltd.		6,268		165,413
Food & Life Cos. Ltd.		7,313		139,067
FP Corp.		1,990		38,273
Fuji Media Holdings, Inc.		11,338		118,493
Fuji Oil Holdings, Inc.		5,074		81,555
Fukuoka Financial Group, Inc.		15,865		375,634
Furukawa Electric Co. Ltd.^(a)		15,574		267,973
Fuyo General Lease Co. Ltd.		4,776		395,307
GS Yuasa Corp.		9,452		179,516
GungHo Online Entertainment, Inc.		7,313		120,531
H.U. Group Holdings, Inc.		13,183		238,876
Hachijuni Bank Ltd. (The)		40,531		218,628
Hakuhodo DY Holdings, Inc.		27,307		259,499
Haseko Corp.		50,799		631,215
Hino Motors Ltd.^(b)		40,531		158,995
Hirogin Holdings, Inc.		29,048		181,629
Hitachi Construction Machinery Co. Ltd.		10,393		324,172
Horiba Ltd.		3,731		194,309
House Foods Group, Inc.		2,935		63,403
Hulic Co. Ltd.		33,173		298,041
Ibiden Co. Ltd.		6,119		369,532
Idemitsu Kosan Co. Ltd.		25,076		533,092
IHI Corp.		23,074		575,483
Iida Group Holdings Co. Ltd.		17,706		290,367
INFRONEER Holdings, Inc.		57,618		602,360
Itoham Yonekyu Holdings, Inc.		33,471		186,225
Iwatani Corp.		6,811		359,065
Iyogin Holdings, Inc.		19,596		136,217
Izumi Co. Ltd.		9,995		260,885
J. Front Retailing Co. Ltd.^(a)		17,855		188,257
Japan Aviation Electronics Industry Ltd.		4,925		103,855
Japan Post Insurance Co. Ltd.		16,014		258,219
Japan Steel Works Ltd. (The)		5,174		104,841
JFE Holdings, Inc.		86,521		1,368,967
JTEKT Corp.		56,130		508,731
Kajima Corp.		58,406		976,275
Kaken Pharmaceutical Co. Ltd.		3,184		78,296
Kamigumi Co. Ltd.		7,617		171,714
Kandenko Co. Ltd.		26,407		242,150
Kaneka Corp.		15,716		441,842
Kansai Electric Power Co., Inc. (The)		57,083		813,203
Kawasaki Heavy Industries Ltd.		36,522		937,980
Kawasaki Kisen Kaisha Ltd.		40,945		1,374,161
Keikyu Corp.		11,587		106,928
Kewpie Corp.		9,597		159,955
Kinden Corp.		20,641		283,843
Kobe Steel Ltd.^(a)		82,243		1,033,793
Kokuyo Co. Ltd.		10,940		170,204
Konica Minolta, Inc.		73,410		227,161
K’s Holdings Corp.		38,794		357,602
Kuraray Co. Ltd.		75,726		861,108


	Shares		Value
Japan-(continued)
Kusuri no Aoki Holdings Co. Ltd.		1,990	$	124,593
Kyudenko Corp.		7,607		234,190
Kyushu Electric Power Co., Inc.^(b)		115,477		762,893
Kyushu Financial Group, Inc.		93,698		459,464
Lawson, Inc.^(a)		7,715		368,355
Lintec Corp.		11,338		187,143
Lixil Corp.		27,054		339,046
Maruichi Steel Tube Ltd.		6,517		169,567
Matsui Securities Co. Ltd.		8,950		49,242
Mazda Motor Corp.		94,385		993,543
Mebuki Financial Group, Inc.		73,012		202,158
Medipal Holdings Corp.		36,124		619,580
MEIJI Holdings Co. Ltd.		11,840		297,006
Mitsubishi Chemical Group Corp.		162,016		968,524
Mitsubishi Gas Chemical Co., Inc.		28,501		388,797
Mitsubishi HC Capital, Inc.		73,559		478,435
Mitsubishi Logistics Corp.		4,925		130,952
Mitsubishi Materials Corp.^(a)		30,946		520,036
Mitsubishi Motors Corp.		58,784		231,244
Mitsui Chemicals, Inc.		35,580		966,820
Mitsui Mining & Smelting Co. Ltd.		13,875		354,726
Mitsui OSK Lines Ltd.		26,917		746,210
Morinaga & Co. Ltd.		7,313		265,877
Morinaga Milk Industry Co. Ltd.		9,348		382,819
Nabtesco Corp.		14,273		270,489
Nagase & Co. Ltd.		21,586		370,529
Nagoya Railroad Co. Ltd.		8,005		128,610
NEC Corp.		11,197		591,133
NEC Networks & System Integration Corp.		4,527		60,418
NGK Insulators Ltd.		20,939		278,161
NH Foods Ltd.		21,445		665,512
NHK Spring Co. Ltd.		39,441		306,404
Nichirei Corp.		14,671		347,263
Nifco, Inc.		5,617		165,904
Nihon Kohden Corp.		9,850		262,378
Nippon Electric Glass Co. Ltd.		19,596		346,061
Nippon Express Holdings, Inc.		10,393		540,335
Nippon Kayaku Co. Ltd.		17,457		156,542
Nippon Shokubai Co. Ltd.		7,462		284,313
Nippon Yusen K.K.		22,780		608,051
Nipro Corp.		29,446		244,330
Nishi-Nippon Railroad Co. Ltd.		11,442		213,931
Nisshin Seifun Group, Inc.		14,522		191,568
Niterra Co. Ltd.		12,681		294,846
NOK Corp.		28,795		404,378
Nomura Real Estate Holdings, Inc.		5,174		130,358
NS Solutions Corp.		1,741		47,237
NSK Ltd.		43,570		254,175
Obayashi Corp.		70,174		635,776
Oji Holdings Corp.		214,140		876,652
OKUMA Corp.		2,935		137,794
Open House Group Co. Ltd.		3,731		126,242
Orient Corp.^(a)		14,377		109,122
Osaka Gas Co. Ltd.		29,345		469,649
OSG Corp.		6,811		86,035
PALTAC Corp.		8,005		264,093
Penta-Ocean Construction Co. Ltd.		23,472		139,637
Persol Holdings Co. Ltd.		8,950		153,383
Rakuten Group, Inc.^(a)		47,844		186,762
Rengo Co. Ltd.		53,018		360,458

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Japan-(continued)
Resonac Holdings Corp.^(a)		44,382	$	722,806
Ricoh Co. Ltd.		63,564		518,694
Ryohin Keikaku Co. Ltd.^(a)		40,091		517,299
Sankyo Co. Ltd.		2,208		96,231
Sankyu, Inc.		12,182		425,410
Santen Pharmaceutical Co. Ltd.		33,571		312,339
Sanwa Holdings Corp.		19,741		300,824
Sapporo Holdings Ltd.		9,054		277,618
SCREEN Holdings Co. Ltd.		5,174		527,760
Sega Sammy Holdings, Inc.		7,448		148,796
Seibu Holdings, Inc.		9,850		104,227
Seiko Epson Corp.^(a)		27,705		434,362
Seino Holdings Co. Ltd.		34,151		497,891
Sekisui Chemical Co. Ltd.		12,504		192,045
Seven Bank Ltd.		29,844		63,507
Sharp Corp.^(a)(b)		44,764		275,776
Shikoku Electric Power Co., Inc.^(b)		39,043		281,589
Shimamura Co. Ltd.		1,371		141,352
Shimizu Corp.		82,798		557,181
Shinko Electric Industries Co. Ltd.		4,278		175,604
Ship Healthcare Holdings, Inc.		15,069		256,334
Shizuoka Financial Group, Inc.		20,939		170,435
Skylark Holdings Co. Ltd.^(b)		9,850		137,853
Sohgo Security Services Co. Ltd.		35,300		225,182
Sojitz Corp.		57,919		1,246,023
Stanley Electric Co. Ltd.		6,417		112,772
Sugi Holdings Co. Ltd.		2,284		102,587
Sumitomo Bakelite Co. Ltd.		4,925		233,184
Sumitomo Chemical Co. Ltd.		215,728		597,758
Sumitomo Electric Industries Ltd.		31,069		381,040
Sumitomo Forestry Co. Ltd.		33,985		958,494
Sumitomo Heavy Industries Ltd.		28,015		702,949
Sumitomo Metal Mining Co. Ltd.		15,724		488,185
Sumitomo Pharma Co. Ltd.^(a)		36,257		126,639
Sumitomo Rubber Industries Ltd.		45,854		484,257
Sundrug Co. Ltd.		5,508		162,798
Suzuken Co. Ltd.		18,261		541,615
Taiheiyo Cement Corp.		29,048		557,576
Taisei Corp.		11,778		396,659
Taiyo Yuden Co. Ltd.		8,656		241,216
Takara Holdings, Inc.		24,666		213,054
Takashimaya Co. Ltd.^(a)		22,780		342,205
Teijin Ltd.		46,903		476,810
THK Co. Ltd.		5,472		100,186
Toda Corp.		58,888		331,400
Toho Gas Co. Ltd.		8,258		148,047
Tohoku Electric Power Co., Inc.^(b)		89,066		622,792
Tokai Carbon Co. Ltd.		30,387		240,449
Tokyo Century Corp.		10,646		409,431
Tokyo Electric Power Co. Holdings, Inc.^(b)		245,423		1,078,894
Tokyo Gas Co. Ltd.		18,871		437,733
Tokyo Ohka Kogyo Co. Ltd.		1,443		97,750
Tokyo Tatemono Co. Ltd.		13,079		172,039
Tokyu Fudosan Holdings Corp.		53,420		332,625
Toppan, Inc.		36,020		871,150
Toshiba TEC Corp.		1,990		48,457
Tosoh Corp.		53,336		690,948
Toyo Seikan Group Holdings Ltd.		36,108		654,029
Toyo Tire Corp.		24,770		373,715
Toyoda Gosei Co. Ltd.		13,477		291,507


	Shares		Value
Japan-(continued)
Toyota Boshoku Corp.		15,467	$	292,958
Toyota Tsusho Corp.		10,148		606,085
TS Tech Co. Ltd.		12,198		144,447
Tsumura & Co.		6,517		123,034
Tsuruha Holdings, Inc.		5,323		389,760
UBE Corp.		24,521		413,919
Ulvac, Inc.		4,527		175,812
Ushio, Inc.		8,005		101,008
Welcia Holdings Co. Ltd.^(a)		3,876		71,285
Yamada Holdings Co. Ltd.		184,147		579,313
Yamaha Motor Co. Ltd.		25,325		657,370
Yamato Holdings Co. Ltd.		22,382		420,705
Yamato Kogyo Co. Ltd.		2,153		103,934
Yamazaki Baking Co. Ltd.		28,650		543,048
Yaoko Co. Ltd.		3,876		204,416
Yokohama Rubber Co. Ltd. (The)		32,787		667,631
Zenkoku Hosho Co. Ltd.		1,926		66,769
Zeon Corp.		22,382		246,827

				80,274,168

Jordan-0.47%
Hikma Pharmaceuticals PLC		40,234		1,116,008

Luxembourg-0.11%
RTL Group S.A.		7,329		271,250

Mexico-0.04%
Fresnillo PLC		12,196		88,923

Netherlands-1.11%
Aalberts N.V.		8,861		369,400
ASR Nederland N.V.		18,999		832,453
CTP N.V.^(c)		4,161		59,162
Koninklijke Vopak N.V.		12,368		446,872
OCI N.V.		6,866		174,079
Randstad N.V.^(a)		12,572		739,287

				2,621,253

New Zealand-0.47%
Fletcher Building Ltd.		196,359		564,733
Kiwi Property Group Ltd.		234,818		123,743
Ryman Healthcare Ltd.		110,809		438,115

				1,126,591

Nigeria-0.08%
Airtel Africa PLC^(c)		128,344		185,400

Norway-0.42%
Leroy Seafood Group ASA		19,447		80,478
Schibsted ASA, Class A		19,640		418,201
Schibsted ASA, Class B		24,720		486,166

				984,845

Poland-2.20%
Bank Polska Kasa Opieki S.A.		9,666		253,069
InPost S.A.^(b)		13,465		158,638
KGHM Polska Miedz S.A.^(a)		34,115		944,500
LPP S.A.		139		468,139
ORLEN S.A.		99,270		1,518,707
Powszechny Zaklad Ubezpieczen S.A.		141,656		1,420,599
Santander Bank Polska S.A.^(a)(b)		5,111		460,843

				5,224,495

Singapore-1.08%
CapitaLand Ascott Trust		107,030		76,875

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Singapore-(continued)
ComfortDelGro Corp. Ltd.		522,122	$	491,000
Frasers Logistics & Commercial Trust^(c)		295,579		262,640
Jardine Cycle & Carriage Ltd.		10,940		270,726
Kenon Holdings Ltd.		4,132		98,396
Keppel DC REIT		102,354		166,737
Olam Group Ltd.		87,832		81,296
Sembcorp Industries Ltd.		141,208		559,395
Singapore Post Ltd.		335,020		122,795
StarHub Ltd.		146,720		110,814
Suntec REIT		151,794		136,002
UOL Group Ltd.		35,312		173,618

				2,550,294

South Korea-8.25%
Amorepacific Corp., Preference Shares		1,704		50,730
AMOREPACIFIC Group		6,223		158,429
BGF retail Co. Ltd.		1,197		141,639
BNK Financial Group, Inc.		35,470		183,019
Cheil Worldwide, Inc.		6,319		90,118
CJ CheilJedang Corp.		1,746		394,972
CJ Corp.		3,162		168,178
CJ ENM Co. Ltd.^(b)		2,527		111,270
CJ Logistics Corp.		2,009		119,924
Daewoo Engineering & Construction Co. Ltd.^(b)		43,719		152,152
DB Insurance Co. Ltd.		11,319		699,650
DGB Financial Group, Inc.		37,892		215,010
DL E&C Co. Ltd.		7,465		175,082
DL Holdings Co. Ltd.		2,984		86,241
Doosan Bobcat, Inc.		3,265		132,897
E-MART, Inc.		4,870		271,917
Fila Holdings Corp.		12,690		363,874
GS Engineering & Construction Corp.		15,473		170,095
GS Holdings Corp.		12,579		357,361
GS Retail Co. Ltd.		9,605		171,862
Hana Financial Group, Inc.		13,375		400,213
Hankook Tire & Technology Co. Ltd.		9,875		289,507
Hanwha Aerospace Co. Ltd.		4,338		374,806
Hanwha Corp.		10,377		196,274
Hanwha Corp., Third Pfd		5,692		59,385
Hanwha Life Insurance Co. Ltd.^(b)		67,896		129,191
HD Hyundai Co. Ltd.		9,053		404,791
HD Hyundai Infracore Co. Ltd.		33,711		268,566
Hite Jinro Co. Ltd.		4,087		60,018
HL Mando Co. Ltd.		6,007		190,424
HMM Co. Ltd.		37,254		469,568
Hyundai Department Store Co. Ltd.		3,592		188,602
Hyundai Engineering & Construction Co. Ltd.		14,176		380,744
Hyundai Glovis Co. Ltd.		3,178		414,757
Hyundai Marine & Fire Insurance Co. Ltd.		14,709		336,635
Hyundai Steel Co.		18,566		508,484
Hyundai Wia Corp.		3,896		169,782
Industrial Bank of Korea		47,534		386,961
KCC Corp.		444		73,398
Korea Gas Corp.^(b)		6,407		121,669
Korea Investment Holdings Co. Ltd.		2,379		93,594
Korean Air Lines Co. Ltd.		9,148		157,802
Kumho Petrochemical Co. Ltd.		4,317		407,612
LG Display Co. Ltd.^(b)		56,641		574,231
LG Innotek Co. Ltd.		1,110		226,745


	Shares		Value
South Korea-(continued)
LG Uplus Corp.		52,231	$	412,948
LOTTE Chemical Corp.		3,773		389,931
LOTTE Chilsung Beverage Co. Ltd.		623		61,228
LOTTE Corp.		6,484		122,395
LOTTE Fine Chemical Co. Ltd.		4,317		197,274
LOTTE Shopping Co. Ltd.		2,765		148,527
LS Corp.		4,281		346,885
Meritz Financial Group, Inc.^(b)		2,560		105,944
Mirae Asset Securities Co. Ltd.		9,408		47,405
NH Investment & Securities Co. Ltd.		33,525		261,250
NHN Corp.^(b)		4,286		84,309
NongShim Co. Ltd.		242		83,947
OCI Co. Ltd.^(b)		1,388		133,996
OCI Holdings Co. Ltd.		3,089		215,243
Ottogi Corp.		117		32,575
Pan Ocean Co. Ltd.		46,368		156,460
POSCO Holdings, Inc.		3,199		1,401,340
Posco International Corp.		12,143		727,615
S-1 Corp.		1,963		82,872
Samsung Engineering Co. Ltd.^(b)		15,547		399,923
Samsung Fire & Marine Insurance Co. Ltd.		3,096		577,389
Samsung Life Insurance Co. Ltd.		5,533		282,982
Samsung Securities Co. Ltd.		2,732		77,201
SD Biosensor, Inc.		8,236		77,951
Seegene, Inc.		7,027		118,025
Shinsegae, Inc.		1,719		264,011
SK Chemicals Co. Ltd.		3,105		147,762
SK Networks Co. Ltd.		32,986		179,935
SK, Inc.		3,597		393,241
S-Oil Corp.		2,091		115,486
Woori Financial Group, Inc.		91,762		826,847

				19,571,076

Spain-1.79%
ACS Actividades de Construccion y Servicios S.A.		56,633		1,990,905
Bankinter S.A.		171,632		1,102,037
Enagas S.A.		14,895		254,538
Inmobiliaria Colonial SOCIMI S.A.		31,707		193,058
Mapfre S.A.^(a)		251,443		532,435
Merlin Properties SOCIMI S.A.		18,689		167,750

				4,240,723

Sweden-3.19%
Castellum AB^(a)		49,628		530,277
Electrolux AB, Class B^(a)		54,751		603,266
Fastighets AB Balder, Class B^(a)(b)		87,693		420,450
Getinge AB, Class B		27,976		486,327
Husqvarna AB, Class B^(a)		80,567		695,311
Industrivarden AB, Class A		16,318		425,762
Industrivarden AB, Class C^(a)		11,380		296,402
Kinnevik AB, Class B^(b)		59,999		706,570
Saab AB, Class B		8,380		442,805
Sagax AB, Class D		21,608		52,294
Securitas AB, Class B^(a)		92,628		755,073
Skanska AB, Class B		68,515		1,004,896
SKF AB, Class B		33,290		540,397
Sweco AB, Class B		13,853		135,115
Trelleborg AB, Class B		18,792		477,785

				7,572,730

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Switzerland-1.93%
Adecco Group AG^(a)		40,083	$	1,730,387
Baloise Holding AG		8,449		1,321,995
DKSH Holding AG		5,718		437,630
Georg Fischer AG		5,337		345,629
Helvetia Holding AG		4,850		739,100

				4,574,741

United Kingdom-9.93%
abrdn PLC^(a)		538,811		1,127,228
Admiral Group PLC		17,032		537,395
B&M European Value Retail S.A.		152,012		1,112,586
Barratt Developments PLC		239,279		1,374,417
British Land Co. PLC (The)		136,536		559,866
Centrica PLC		1,484,076		2,853,732
DCC PLC.		22,963		1,259,053
Direct Line Insurance Group PLC		295,993		608,172
DS Smith PLC		320,466		1,268,184
Howden Joinery Group PLC		70,392		659,882
IMI PLC		21,543		410,019
Intermediate Capital Group PLC		20,456		350,579
ITV PLC		884,712		793,713
J Sainsbury PLC		431,552		1,477,019
JD Sports Fashion PLC.		275,565		507,188
Johnson Matthey PLC		45,169		932,946
Kingfisher PLC.		496,391		1,471,865
Land Securities Group PLC		62,825		479,722
M&G PLC		598,483		1,448,483
Pepco Group N.V.^(b)(c)		6,932		54,430
Persimmon PLC		53,148		717,914
Schroders PLC		37,454		195,440
St. James’s Place PLC		82,393		923,770
Taylor Wimpey PLC		643,305		931,733



	Shares		Value
United Kingdom-(continued)
Wise PLC, Class A^(b)		81,458	$	660,812
WPP PLC		85,490		829,581

				23,545,729

United States-0.55%
JS Global Lifestyle Co. Ltd.^(b)(c)		155,000		22,138
Signify N.V		31,188		884,837
Sims Ltd.		40,734		404,690

				1,311,665

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.69% (Cost $230,090,817)				236,417,592

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.64%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		5,071,761		5,071,761
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		13,041,667		13,041,667

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,113,516)				18,113,428

TOTAL INVESTMENTS IN SECURITIES-107.33% (Cost $248,204,333)				254,531,020
OTHER ASSETS LESS LIABILITIES-(7.33)%				(17,378,660	)

NET ASSETS-100.00%			$	237,152,360

Investment Abbreviations:

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at August 31, 2023.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $4,903,741, which represented 2.07% of the Fund’s Net Assets.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	144,588	$	14,929,584	$	(15,074,172)	$	-	$	-	$	-	$	4,712

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	900,342	$	24,843,685	$	(20,672,266	)	$	-		$	-		$	5,071,761	$	83,414	*
Invesco Private Prime Fund		2,315,165		55,280,915		(44,551,867	)		(252	)		(2,294	)		13,041,667		224,563	*

Total	$	3,360,095	$	95,054,184	$	(80,298,305	)	$	(252	)	$	(2,294	)	$	18,113,428	$	312,689

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-2.29%
Cable One, Inc.^(b)		12,853	$	8,361,776
DISH Network Corp., Class A^(b)(c)		575,386		3,452,316
Fox Corp., Class A		262,343		8,673,060
Fox Corp., Class B		131,139		4,002,362
Frontier Communications Parent, Inc.^(b)(c)		568,783		9,111,904
Liberty Broadband Corp.^(c)(d)		64,295		0
Liberty Media Corp.-Liberty Live, Series A^(b)(c)		42,993		1,432,097
Liberty Media Corp.-Liberty Live, Series C^(c)		89,118		2,998,821
Liberty Media Corp.-Liberty SiriusXM, Series A^(b)(c)		172,832		4,153,153
Liberty Media Corp.-Liberty SiriusXM,
Series C^(c)		357,239		8,730,921
News Corp., Class A		621,760		13,361,622
News Corp., Class B		198,694		4,371,268
Nexstar Media Group, Inc., Class A^(b)		79,413		12,928,436
Paramount Global, Class B^(b)		1,352,039		20,402,269
Sirius XM Holdings, Inc.^(b)		806,361		3,547,988
TripAdvisor, Inc.^(b)(c)		257,786		3,895,147

				109,423,140

Consumer Discretionary-15.19%
ADT, Inc.		488,425		3,135,689
Advance Auto Parts, Inc.^(b)		137,885		9,489,246
Aramark		352,779		13,116,323
AutoNation, Inc.^(c)		70,600		11,090,554
Bath & Body Works, Inc.		536,288		19,772,939
Best Buy Co., Inc.		411,286		31,442,815
BorgWarner, Inc.		543,506		22,147,869
Boyd Gaming Corp.		171,144		11,444,399
Brunswick Corp.^(b)		164,904		13,047,204
Burlington Stores, Inc.^(c)		54,925		8,912,131
Capri Holdings Ltd.^(b)(c)		284,266		14,921,122
CarMax, Inc.^(b)(c)		367,370		30,006,782
Carter’s, Inc.		85,683		6,132,332
Choice Hotels International, Inc.^(b)		22,663		2,875,935
Columbia Sportswear Co.^(b)		42,535		3,119,517
Crocs, Inc.^(b)(c)		91,764		8,932,308
Dick’s Sporting Goods, Inc.^(b)		139,384		16,215,935
Expedia Group, Inc.^(c)		208,567		22,606,577
Gap, Inc. (The)^(b)		451,486		5,228,208
Gentex Corp.^(b)		189,518		6,189,658
Grand Canyon Education, Inc.^(c)		38,907		4,561,846
H&R Block, Inc.		352,806		14,105,184
Harley-Davidson, Inc.		304,347		10,271,711
Hyatt Hotels Corp., Class A^(b)		38,609		4,340,038
Kohl’s Corp.		256,620		6,836,357
Lear Corp.		136,945		19,732,405
Leggett & Platt, Inc.^(b)		308,240		8,692,368
Lithia Motors, Inc., Class A		62,840		19,355,977
LKQ Corp.		284,088		14,923,143
Macy’s, Inc.^(b)		628,505		7,686,616
Marriott Vacations Worldwide Corp.^(b)		85,121		9,251,801
Mattel, Inc.^(b)(c)		662,736		14,686,230
MGM Resorts International^(b)		381,871		16,794,687
Mister Car Wash, Inc.^(b)(c)		114,959		832,303


	Shares		Value
Consumer Discretionary-(continued)
Mohawk Industries, Inc.^(b)(c)		123,221	$	12,493,377
Murphy USA, Inc.		46,153		14,660,039
Newell Brands, Inc.		884,423		9,357,195
Nordstrom, Inc.		265,087		4,299,711
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		57,979		4,469,021
Penn Entertainment, Inc.^(b)(c)		356,614		8,448,186
Penske Automotive Group, Inc.^(b)		46,834		7,694,826
Petco Health & Wellness Co., Inc.^(b)(c)		190,885		971,605
Phinia, Inc.^(c)		108,356		3,012,297
Polaris, Inc.		125,416		14,057,879
PulteGroup, Inc.		348,856		28,627,123
PVH Corp.		139,113		11,629,847
Ralph Lauren Corp.^(b)		94,699		11,044,744
RH^(b)(c)		36,750		13,420,732
Service Corp. International		127,108		8,021,786
Skechers U.S.A., Inc., Class A^(c)		145,797		7,335,047
Tapestry, Inc.		367,664		12,250,564
Tempur Sealy International, Inc.^(b)		300,592		14,043,658
Texas Roadhouse, Inc.		62,701		6,527,174
Thor Industries, Inc.^(b)		118,910		12,464,146
Toll Brothers, Inc.		257,349		21,084,604
TopBuild Corp.^(c)		66,284		19,227,663
Travel + Leisure Co.^(b)		172,754		6,944,711
Under Armour, Inc., Class A^(b)(c)		438,170		3,347,619
Under Armour, Inc., Class C^(c)		430,561		2,966,565
Victoria’s Secret & Co.^(b)(c)		182,030		3,491,335
Wendy’s Co. (The)		169,282		3,350,091
Whirlpool Corp.^(b)		121,573		17,015,357
Williams-Sonoma, Inc.^(b)		151,683		21,417,640
Wyndham Hotels & Resorts, Inc.		78,975		5,953,925
YETI Holdings, Inc.^(b)(c)		77,295		3,860,885

				725,387,561

Consumer Staples-5.05%
Albertson’s Cos., Inc., Class A		971,833		21,769,059
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		309,889		20,883,420
Boston Beer Co., Inc. (The), Class A^(b)(c)		7,558		2,761,920
Bunge Ltd.^(b)		175,061		20,012,974
Casey’s General Stores, Inc.		84,385		20,624,538
Darling Ingredients, Inc.^(b)(c)		179,103		11,061,401
Flowers Foods, Inc.		328,345		7,735,808
Grocery Outlet Holding Corp.^(b)(c)		220,884		6,814,271
Ingredion, Inc.		114,340		11,766,729
Olaplex Holdings, Inc.^(b)(c)		302,769		820,504
Performance Food Group Co.^(b)(c)		357,546		22,214,333
Pilgrim’s Pride Corp.^(b)(c)		95,603		2,405,372
Post Holdings, Inc.^(b)(c)		124,533		11,171,855
Reynolds Consumer Products, Inc.		56,949		1,554,138
Seaboard Corp.		548		2,066,141
Spectrum Brands Holdings, Inc.^(b)		46,017		3,827,234
Tyson Foods, Inc., Class A		644,254		34,319,411
US Foods Holding Corp.^(c)		527,424		21,323,752
Walgreens Boots Alliance, Inc.		707,261		17,900,776

				241,033,636

Energy-7.77%
Antero Midstream Corp.^(b)		620,533		7,520,860
Antero Resources Corp.^(b)(c)		657,012		18,179,522
APA Corp.		720,606		31,591,367

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Energy-(continued)
Chesapeake Energy Corp.^(b)		294,972	$	26,019,480
Coterra Energy, Inc.		1,374,547		38,748,480
Diamondback Energy, Inc.		194,003		29,445,775
DT Midstream, Inc.^(b)		225,421		11,787,264
EQT Corp.^(b)		836,735		36,163,687
HF Sinclair Corp.^(b)		328,422		18,092,768
Marathon Oil Corp.		1,441,417		37,981,338
New Fortress Energy, Inc.^(b)		61,861		1,920,165
NOV, Inc.		425,232		8,985,152
Ovintiv, Inc.^(b)		563,909		26,481,167
Range Resources Corp.^(b)		544,282		17,623,851
Southwestern Energy Co.^(c)		2,550,303		17,291,054
Targa Resources Corp.		328,702		28,350,548
TechnipFMC PLC (United Kingdom)^(b)		781,320		14,876,333

				371,058,811

Financials-20.56%
Affiliated Managers Group, Inc.^(b)		82,507		11,056,763
Ally Financial, Inc.		630,196		17,450,127
American Financial Group, Inc.		94,429		10,946,210
Annaly Capital Management, Inc.^(b)		1,150,837		23,327,466
Assurant, Inc.		110,891		15,450,443
Assured Guaranty Ltd.		132,418		7,791,475
AXIS Capital Holdings Ltd.		181,018		9,930,648
Bank OZK^(b)		255,934		10,280,869
Blue Owl Capital, Inc.^(b)		387,778		4,633,947
BOK Financial Corp.^(b)		66,036		5,488,252
Brighthouse Financial, Inc.^(c)		42,252		2,098,234
Citizens Financial Group, Inc.		963,460		27,102,130
CNA Financial Corp.		58,281		2,292,192
Columbia Banking System, Inc.		483,551		9,903,124
Comerica, Inc.		305,581		14,701,502
Commerce Bancshares, Inc.		111,287		5,463,079
Corebridge Financial, Inc.^(b)		343,632		6,126,959
Credit Acceptance Corp.^(b)(c)		14,155		7,102,554
Cullen/Frost Bankers, Inc.		68,683		6,492,604
Discover Financial Services		145,917		13,142,744
East West Bancorp, Inc.		327,195		18,106,971
Equitable Holdings, Inc.		593,145		17,082,576
Euronet Worldwide, Inc.^(b)(c)		90,651		7,919,271
Evercore, Inc., Class A		82,385		11,538,019
Everest Group Ltd.		45,152		16,285,423
F.N.B. Corp.		830,802		9,662,227
Fidelity National Financial, Inc.^(b)		604,175		25,012,845
Fifth Third Bancorp		942,411		25,021,012
First American Financial Corp.		233,001		14,371,502
First Hawaiian, Inc.^(b)		295,374		5,585,522
First Horizon Corp.		1,241,828		15,584,941
Franklin Resources, Inc.		349,972		9,358,251
Globe Life, Inc.		93,180		10,396,093
Hanover Insurance Group, Inc. (The)		82,161		8,768,222
Hartford Financial Services Group, Inc. (The)		198,050		14,223,951
Huntington Bancshares, Inc.		1,980,339		21,961,960
Interactive Brokers Group, Inc., Class A		232,534		21,179,197
Invesco Ltd.^(e)		737,224		11,736,606
Janus Henderson Group PLC^(b)		220,091		6,045,900
Jefferies Financial Group, Inc.		129,138		4,608,935
KeyCorp.		2,165,353		24,533,450
Lazard Ltd., Class A		254,291		8,834,069


	Shares		Value
Financials-(continued)
Lincoln National Corp.^(b)		392,592	$	10,073,911
Loews Corp.		301,865		18,742,798
LPL Financial Holdings, Inc.		40,186		9,266,490
M&T Bank Corp.		109,656		13,712,483
MGIC Investment Corp.		669,802		11,775,119
New York Community Bancorp, Inc.^(b)		832,828		10,227,128
Northern Trust Corp.		155,002		11,791,002
Old Republic International Corp.		632,075		17,287,251
OneMain Holdings, Inc.		260,908		10,830,291
Pinnacle Financial Partners, Inc.^(b)		174,903		11,641,544
Popular, Inc.		163,716		11,178,529
Primerica, Inc.		35,741		7,182,511
Principal Financial Group, Inc.		367,983		28,595,959
Prosperity Bancshares, Inc.		113,251		6,433,789
Regions Financial Corp.		890,276		16,327,662
Reinsurance Group of America, Inc.		141,672		19,638,573
Rithm Capital Corp.^(b)		1,119,919		11,546,365
RLI Corp.		37,687		4,956,594
Rocket Cos., Inc., Class A^(b)(c)		290,998		3,107,859
Ryan Specialty Holdings, Inc., Class A^(b)(c)		59,912		2,920,710
SEI Investments Co.		62,086		3,853,057
SLM Corp.		351,356		5,003,309
Starwood Property Trust, Inc.^(b)		512,879		10,478,118
State Street Corp.		276,804		19,027,507
Stifel Financial Corp.		238,240		15,490,365
Synchrony Financial		990,326		31,967,723
Synovus Financial Corp.^(b)		335,753		10,394,913
TPG, Inc.		148,911		4,187,377
Unum Group.		456,922		22,475,993
UWM Holdings Corp.		215,625		1,285,125
Virtu Financial, Inc., Class A		207,455		3,887,707
Voya Financial, Inc.		228,454		15,918,675
W.R. Berkley Corp.		189,379		11,714,985
Webster Financial Corp.		403,223		17,100,687
Western Alliance Bancorporation^(b)		251,444		12,574,714
Western Union Co. (The)		869,599		10,739,548
WEX, Inc.^(c)		35,216		6,908,675
Wintrust Financial Corp.		141,017		10,944,329
Zions Bancorporation N.A		338,407		12,013,449

				981,801,089

Health Care-6.14%
Acadia Healthcare Co., Inc.^(c)		72,437		5,584,893
Amedisys, Inc.^(b)(c)		70,576		6,616,500
Azenta, Inc.^(b)(c)		147,522		8,324,666
Cardinal Health, Inc.		281,238		24,560,515
Catalent, Inc.^(b)(c)		291,055		14,544,018
DaVita, Inc.^(c)		125,620		12,866,000
Elanco Animal Health, Inc.^(c)		915,268		11,166,270
Encompass Health Corp.		174,025		12,362,736
Enovis Corp.^(c)		122,261		6,851,506
Envista Holdings Corp.^(b)(c)		147,244		4,714,753
Henry Schein, Inc.^(c)		211,691		16,202,829
Integra LifeSciences Holdings Corp.^(b)(c)		135,237		5,752,982
Jazz Pharmaceuticals PLC^(c)		47,257		6,774,763
Maravai LifeSciences Holdings, Inc., Class A^(c)		255,212		2,638,892
Molina Healthcare, Inc.^(c)		72,464		22,472,536
Organon & Co.		593,876		13,041,517
Perrigo Co. PLC		145,149		5,080,215

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Health Care-(continued)
Premier, Inc., Class A		275,435	$	5,930,116
Quest Diagnostics, Inc.		93,897		12,347,455
QuidelOrtho Corp.^(b)(c)		124,374		10,243,443
Syneos Health, Inc.^(c)		240,076		10,258,447
Tenet Healthcare Corp.^(c)		230,918		17,910,000
United Therapeutics Corp.^(c)		34,675		7,779,683
Universal Health Services, Inc., Class B		142,088		19,139,254
Viatris, Inc.		2,780,501		29,890,386

				293,054,375

Industrials-18.71%
Acuity Brands, Inc.^(b)		73,697		11,885,852
Advanced Drainage Systems, Inc.		69,255		8,875,721
AECOM		146,290		12,836,947
AGCO Corp.		143,283		18,559,447
Air Lease Corp., Class A		240,703		9,811,054
Alaska Air Group, Inc.^(c)		291,460		12,232,576
Allison Transmission Holdings, Inc.^(b)		211,398		12,779,009
American Airlines Group, Inc.^(c)		1,514,194		22,304,078
Armstrong World Industries, Inc.		79,626		6,098,555
Avis Budget Group, Inc.^(b)(c)		47,596		10,156,510
Builders FirstSource, Inc.^(c)		295,175		42,812,182
BWX Technologies, Inc.		74,599		5,502,422
C.H. Robinson Worldwide, Inc.		267,077		24,151,773
CACI International, Inc., Class A^(c)		52,329		17,164,435
Carlisle Cos., Inc.		61,297		16,122,337
Clean Harbors, Inc.^(c)		65,676		11,121,574
CNH Industrial N.V. (United Kingdom)		1,431,543		19,726,662
Concentrix Corp.		101,712		8,119,669
Core & Main, Inc., Class A^(b)(c)		196,882		6,465,605
Curtiss-Wright Corp.		32,726		6,806,681
Delta Air Lines, Inc.		733,391		31,447,806
Dun & Bradstreet Holdings, Inc.		633,213		6,902,022
EMCOR Group, Inc.		98,070		21,992,197
Esab Corp.		113,977		8,225,720
Expeditors International of Washington, Inc.^(b)		157,089		18,333,857
Flowserve Corp.		135,394		5,357,541
Fortune Brands Innovations, Inc.		296,031		20,432,060
Gates Industrial Corp. PLC^(c)		275,100		3,378,228
Generac Holdings, Inc.^(b)(c)		48,653		5,780,463
Genpact Ltd.		220,170		8,218,946
GXO Logistics, Inc.^(b)(c)		250,838		16,046,107
Hayward Holdings, Inc.^(b)(c)		227,002		3,359,630
Hertz Global Holdings, Inc.^(b)(c)		312,490		5,296,705
Huntington Ingalls Industries, Inc.		91,191		20,091,201
ITT, Inc.		79,035		8,083,700
KBR, Inc.^(b)		223,917		13,775,374
Kirby Corp.^(b)(c)		77,151		6,390,417
Knight-Swift Transportation Holdings, Inc.		363,761		19,941,378
Landstar System, Inc.		83,474		15,844,200
Leidos Holdings, Inc.		317,127		30,923,054
ManpowerGroup, Inc.		117,063		9,232,759
Masco Corp.		274,771		16,214,237
MasTec, Inc.^(b)(c)		66,285		6,594,695
MDU Resources Group, Inc.		469,521		9,559,448
Middleby Corp. (The)^(b)(c)		55,496		8,079,663
MSC Industrial Direct Co., Inc., Class A^(b)		81,442		8,311,970
nVent Electric PLC		139,932		7,911,755
Oshkosh Corp.		151,866		15,768,247


	Shares		Value
Industrials-(continued)
Owens Corning		208,363	$	29,985,519
Regal Rexnord Corp.^(b)		59,562		9,660,361
Robert Half, Inc.		246,501		18,231,214
Ryder System, Inc.		106,690		10,743,683
Saia, Inc.^(c)		20,315		8,658,253
Schneider National, Inc., Class B		127,250		3,678,797
Science Applications International Corp.^(b)		125,051		14,713,501
Sensata Technologies Holding PLC		198,969		7,485,214
SiteOne Landscape Supply, Inc.^(b)(c)		40,086		6,862,322
Southwest Airlines Co.^(b)		735,846		23,252,734
Stericycle, Inc.^(b)(c)		98,047		4,334,658
Textron, Inc.		291,783		22,674,457
Timken Co. (The)		132,404		10,118,314
U-Haul Holding Co.^(b)		20,745		1,181,843
U-Haul Holding Co., Series N^(b)		89,811		4,781,538
United Airlines Holdings, Inc.^(c)		759,125		37,812,016
Valmont Industries, Inc.		29,999		7,604,746
WESCO International, Inc.		103,823		16,803,752
XPO, Inc.^(c)		264,647		19,750,606

				893,359,997

Information Technology-7.02%
Arrow Electronics, Inc.^(c)		134,347		17,925,920
Avnet, Inc.		211,450		10,731,088
Cirrus Logic, Inc.^(b)(c)		128,182		10,516,051
Coherent Corp.^(b)(c)		276,733		10,413,463
Crane NXT Co		111,474		6,617,097
Dropbox, Inc., Class A^(c)		610,976		16,979,023
DXC Technology Co.^(c)		527,883		10,948,293
Gen Digital, Inc.		1,084,997		21,971,189
Hewlett Packard Enterprise Co.		2,999,885		50,968,046
HP, Inc.		1,242,322		36,909,387
Jabil, Inc.		300,052		34,331,950
Kyndryl Holdings, Inc.^(c)		476,696		8,046,628
Littelfuse, Inc.		25,564		6,827,633
Lumentum Holdings, Inc.^(b)(c)		153,019		8,282,918
MKS Instruments, Inc.		84,037		8,423,029
NCR Corp.^(c)		296,220		9,111,727
TD SYNNEX Corp.		96,673		9,836,478
Teradata Corp.^(c)		157,980		7,309,735
Viasat, Inc.^(b)(c)		167,122		4,635,964
Vontier Corp.		348,300		10,940,103
Western Digital Corp.^(c)		741,810		33,381,450

				335,107,172

Materials-10.95%
Alcoa Corp.		412,961		12,421,867
Amcor PLC		1,247,917		12,154,712
Ardagh Group S.A., Class A^(c)(d)		16,236		76,431
Ardagh Metal Packaging S.A.		333,238		1,196,324
Ashland, Inc.		99,845		8,649,572
Avery Dennison Corp.		50,200		9,456,676
Axalta Coating Systems Ltd.^(c)		218,513		6,183,918
Berry Global Group, Inc.		283,320		18,512,129
Celanese Corp.^(b)		217,265		27,453,605
CF Industries Holdings, Inc.		453,086		34,919,338
Chemours Co. (The)		345,200		11,743,704
Cleveland-Cliffs, Inc.^(c)		1,185,590		18,127,671
Crown Holdings, Inc.		247,116		22,897,769
Eagle Materials, Inc.		55,701		10,545,313
Eastman Chemical Co.		225,865		19,200,784

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Materials-(continued)
Element Solutions, Inc.		261,946	$	5,401,326
Graphic Packaging Holding Co.		711,143		15,815,820
Huntsman Corp.		406,152		11,319,456
International Paper Co.		803,628		28,062,690
Louisiana-Pacific Corp.		149,132		9,317,767
LyondellBasell Industries N.V., Class A		179,030		17,682,793
Mosaic Co. (The)		768,947		29,873,591
MP Materials Corp.^(b)(c)		138,657		2,903,478
NewMarket Corp.^(b)		9,437		4,431,993
Olin Corp.^(b)		300,312		17,424,102
Packaging Corp. of America		149,547		22,297,458
Reliance Steel & Aluminum Co.^(b)		100,746		28,708,580
Sealed Air Corp.		333,998		12,377,966
Silgan Holdings, Inc.		194,222		8,765,239
Sonoco Products Co.		227,023		13,042,471
SSR Mining, Inc. (Canada)		222,256		3,300,502
Steel Dynamics, Inc.		312,444		33,303,406
United States Steel Corp.		523,127		16,264,018
Westlake Corp.^(b)		72,214		9,458,590
WestRock Co.		591,163		19,336,942

				522,628,001

Real Estate-3.53%
Apartment Income REIT Corp.		345,492		11,767,458
Boston Properties, Inc.^(b)		364,888		24,363,572
Brixmor Property Group, Inc.		329,740		7,247,685
Cousins Properties, Inc.^(b)		280,271		6,586,369
EPR Properties		139,907		6,265,036
Highwoods Properties, Inc.^(b)		241,970		5,766,145
Host Hotels & Resorts, Inc.		592,309		9,352,559
Howard Hughes Holdings, Inc.^(b)(c)		51,651		4,062,351
Jones Lang LaSalle, Inc.^(b)(c)		110,289		19,057,939
Kilroy Realty Corp.^(b)		271,257		10,022,946
Medical Properties Trust, Inc.^(b)		1,379,342		9,958,849
National Storage Affiliates Trust		124,594		4,186,358
Omega Healthcare Investors, Inc.^(b)		206,633		6,575,062
Park Hotels & Resorts, Inc.		510,271		6,546,777
Spirit Realty Capital, Inc.^(b)		130,133		5,024,435
Vornado Realty Trust^(b)		296,988		7,133,652
Zillow Group, Inc., Class A^(b)(c)		125,696		6,400,440
Zillow Group, Inc., Class C^(b)(c)		350,743		18,294,755

				168,612,388



	Shares		Value
Utilities-2.67%
AES Corp. (The)^(b)		631,668	$	11,325,807
Brookfield Renewable Corp., Class A		295,249		8,252,210
Clearway Energy, Inc., Class A		80,360		1,883,638
Clearway Energy, Inc., Class C		190,741		4,724,655
Evergy, Inc.		189,482		10,415,826
Hawaiian Electric Industries, Inc.^(b)		254,607		3,569,590
IDACORP, Inc.		48,779		4,674,979
National Fuel Gas Co.		206,330		11,088,174
NiSource, Inc.		485,890		13,002,417
NRG Energy, Inc.		538,313		20,213,653
OGE Energy Corp.		400,940		13,652,007
Pinnacle West Capital Corp.		157,793		12,192,665
UGI Corp.		485,774		12,231,789

				127,227,410

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $4,691,391,613)				4,768,693,580

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.39%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		125,506,582		125,506,582
Invesco Private Prime Fund, 5.51%^(e)(f)(g)		322,731,213		322,731,213

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $448,246,605)				448,237,795

TOTAL INVESTMENTS IN SECURITIES-109.27% (Cost $5,139,638,218)				5,216,931,375
OTHER ASSETS LESS LIABILITIES-(9.27)%				(442,521,597	)

NET ASSETS-100.00%			$	4,774,409,778

Investment Abbreviations:

REIT-Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)	Non-income producing security.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income

Invesco Ltd.	$	-	$	24,768,306	$	(11,821,836	)	$	(734,350	)	$	(475,514	)	$	11,736,606	$	235,061
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		1,813,704		97,984,950		(99,798,654	)		-			-			-		49,544
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		7,510,706		811,986,478		(693,990,602	)		-			-			125,506,582		2,639,893	*
Invesco Private Prime Fund		19,562,098		1,759,150,266		(1,455,933,107	)		(8,810	)		(39,234	)		322,731,213		7,056,890	*

Total	$	28,886,508	$	2,693,890,000	$	(2,261,544,199	)	$	(743,160	)	$	(514,748	)	$	459,974,401	$	9,981,388

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-6.13%
Advantage Solutions, Inc.^(b)(c)		66,118	$	185,130
AMC Networks, Inc., Class A^(b)		90,375		1,051,965
ATN International, Inc.^(c)		9,370		336,102
Bandwidth, Inc., Class A^(b)(c)		68,954		990,869
Charge Enterprises, Inc.^(b)		162,668		88,394
Clear Channel Outdoor Holdings, Inc.^(b)		621,509		901,188
Consolidated Communications Holdings, Inc.^(b)		218,462		862,925
DHI Group, Inc.^(b)		81,704		308,024
E.W. Scripps Co. (The), Class A^(b)(c)		123,625		944,495
EchoStar Corp., Class A^(b)(c)		62,449		1,085,364
Emerald Holding, Inc.^(b)(c)		45,397		191,575
Entravision Communications Corp., Class A^(c).		156,457		599,230
EverQuote, Inc., Class A^(b)		20,631		127,500
Gannett Co., Inc.^(b)		353,771		1,029,474
Gray Television, Inc.		162,558		1,310,217
IDT Corp., Class B^(b)		10,175		237,891
iHeartMedia, Inc., Class A^(b)(c)		301,878		1,089,780
Liberty Latin America Ltd., Class A^(b)		106,665		953,585
Liberty Latin America Ltd., Class C^(b)		73,210		655,962
Marcus Corp. (The)		31,775		482,662
MediaAlpha, Inc., Class A^(b)(c)		17,963		150,710
Ooma, Inc.^(b)(c)		14,946		210,589
Outbrain, Inc.^(b)(c)		115,156		657,541
Playstudios, Inc.^(b)(c)		31,985		113,867
QuinStreet, Inc.^(b)(c)		35,478		351,232
Sinclair, Inc.		15,676		197,831
Sphere Entertainment Co.^(b)(c)		14,870		521,342
Spok Holdings, Inc.		19,126		272,354
Stagwell, Inc.^(b)(c)		124,875		680,569
System1, Inc.^(b)		33,104		58,925
Telephone & Data Systems, Inc.		166,812		3,584,790
Thryv Holdings, Inc.^(b)(c)		21,568		439,772
Townsquare Media, Inc., Class A^(c)		33,956		328,015
Urban One, Inc., Class A^(b)		19,427		108,014
Urban One, Inc., Class D^(b)(c)		36,416		196,282
Vivid Seats, Inc., Class A^(b)(c)		14,854		107,840
WideOpenWest, Inc.^(b)(c)		25,503		206,574

				21,618,579

Consumer Discretionary-15.63%
1-800-Flowers.com, Inc., Class A^(b)(c)		73,357		552,378
Aaron’s Co., Inc. (The)		92,383		1,115,063
Accel Entertainment, Inc.^(b)		32,342		384,546
American Axle & Manufacturing Holdings, Inc.^(b)		153,072		1,155,694
America’s Car-Mart, Inc.^(b)(c)		3,942		438,784
AMMO, Inc.^(b)(c)		150,199		343,956
Arko Corp.^(c)		89,197		671,653
Bally’s Corp.^(b)(c)		25,166		417,756
Beazer Homes USA, Inc.^(b)		51,482		1,508,937
Big 5 Sporting Goods Corp.		62,495		495,585
Biglari Holdings, Inc., Class B^(b)		526		97,836
BJ’s Restaurants, Inc.^(b)(c)		15,673		460,943
Bluegreen Vacations Holding Corp.		13,736		492,573
Build-A-Bear Workshop, Inc.		35,868		945,839
Caleres, Inc.		63,445		1,818,968


	Shares		Value
Consumer Discretionary-(continued)
Camping World Holdings, Inc., Class A^(c)		18,345	$	453,672
CarParts.com, Inc.^(b)(c)		129,601		625,973
Carriage Services, Inc.		18,389		566,750
Carrols Restaurant Group, Inc.^(b)		86,515		603,875
Cato Corp. (The), Class A		50,590		392,073
Century Casinos, Inc.^(b)(c)		73,058		474,877
Chegg, Inc.^(b)(c)		53,357		544,775
Chico’s FAS, Inc.^(b)(c)		245,799		1,260,949
Children’s Place, Inc. (The)^(b)(c)		35,073		929,785
Chuy’s Holdings, Inc.^(b)(c)		7,369		280,759
Clarus Corp.^(c)		14,973		107,656
ContextLogic, Inc., Class A^(b)(c)		25,139		134,619
Cooper-Standard Holdings, Inc.^(b)(c)		6,491		96,976
Cricut, Inc., Class A^(c)		87,086		823,834
Denny’s Corp.^(b)		33,996		323,982
Designer Brands, Inc., Class A^(c)		144,228		1,515,836
Destination XL Group, Inc.^(b)(c)		171,832		783,554
Dine Brands Global, Inc.^(c)		5,832		319,477
Dream Finders Homes, Inc., Class A^(b)(c)		23,413		674,763
Duluth Holdings, Inc., Class B^(b)		39,015		247,940
El Pollo Loco Holdings, Inc.		43,905		417,537
Envela Corp.^(b)(c)		10,663		54,381
Escalade, Inc.^(c)		25,235		378,273
Ethan Allen Interiors, Inc.^(c)		22,179		695,977
Fiesta Restaurant Group, Inc.^(b)		30,834		259,314
Full House Resorts, Inc.^(b)(c)		18,566		89,674
Funko, Inc., Class A^(b)(c)		23,633		164,722
Genesco, Inc.^(b)(c)		29,362		1,006,529
G-III Apparel Group Ltd.^(b)(c)		30,035		596,195
GoPro, Inc., Class A^(b)		106,419		386,833
Guess?, Inc.^(c)		18,083		435,077
Haverty Furniture Cos., Inc., (Acquired 12/06/2022 - 08/30/2023; Cost $1,017,496)^(d)		34,058		1,066,015
Hibbett, Inc.^(c)		31,411		1,454,643
Holley, Inc.^(b)(c)		108,824		620,297
Hooker Furnishings Corp.^(c)		25,518		549,403
Hovnanian Enterprises, Inc., Class A^(b)		12,942		1,538,027
Inspired Entertainment, Inc.^(b)		22,249		293,242
J Jill, Inc.^(b)		13,245		332,582
JAKKS Pacific, Inc.^(b)		21,023		413,733
Johnson Outdoors, Inc., Class A^(c)		2,935		164,096
Lands’ End, Inc.^(b)(c)		38,613		297,320
Landsea Homes Corp.^(b)(c)		39,074		378,627
Latham Group, Inc.^(b)(c)		43,431		160,695
La-Z-Boy, Inc.		17,520		540,492
Lazydays Holdings, Inc.^(b)(c)		36,819		433,728
Legacy Housing Corp.^(b)(c)		6,890		156,196
Lincoln Educational Services Corp.^(b)(c)		38,974		332,448
Lovesac Co. (The)^(b)(c)		20,069		459,981
Malibu Boats, Inc., Class A^(b)(c)		8,418		408,778
Marine Products Corp.^(c)		6,110		85,479
MarineMax, Inc.^(b)		38,350		1,275,905
MasterCraft Boat Holdings, Inc.^(b)(c)		25,900		563,584
Movado Group, Inc.		24,483		669,610
Nathan’s Famous, Inc.		2,154		156,617
Noodles & Co.^(b)(c)		116,693		324,407
ONE Group Hospitality, Inc. (The)^(b)(c)		40,569		277,898

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Consumer Discretionary-(continued)
OneWater Marine, Inc., Class A^(b)(c)		31,969	$	834,711
Overstock.com, Inc.^(b)(c)		20,237		528,388
Patrick Industries, Inc.		8,438		705,754
Perdoceo Education Corp.		43,960		728,417
PetMed Express, Inc.^(c)		20,029		225,727
PlayAGS, Inc.^(b)		101,822		695,444
Potbelly Corp.^(b)		48,429		386,948
RCI Hospitality Holdings, Inc.^(c)		3,848		251,197
Red Robin Gourmet Burgers, Inc.^(b)		42,418		439,875
Revolve Group, Inc.^(b)(c)		21,084		308,881
Rocky Brands, Inc.		20,286		360,482
Rush Street Interactive, Inc.^(b)(c)		28,499		131,095
Sally Beauty Holdings, Inc.^(b)(c)		54,769		556,453
Shoe Carnival, Inc.^(c)		28,283		654,186
Sleep Number Corp.^(b)(c)		57,524		1,471,464
Smith & Wesson Brands, Inc.^(c)		88,643		1,040,669
Snap One Holdings Corp.^(b)(c)		8,634		79,001
Solo Brands, Inc., Class A^(b)(c)		41,004		229,212
Sonic Automotive, Inc., Class A^(c)		14,223		758,370
Sportsman’s Warehouse Holdings, Inc.^(b)		110,046		529,321
Standard Motor Products, Inc.		10,508		389,111
Stitch Fix, Inc., Class A^(b)(c)		135,142		593,273
Stoneridge, Inc.^(b)(c)		25,760		529,368
Sturm Ruger & Co., Inc.		5,879		303,239
Tile Shop Holdings, Inc.^(b)(c)		47,197		279,406
Tilly’s, Inc., Class A^(b)(c)		56,676		509,517
Torrid Holdings, Inc.^(b)(c)		35,107		79,342
United Homes Group, Inc.^(b)(c)		7,426		62,156
Universal Technical Institute, Inc.^(b)		87,653		698,594
Vera Bradley, Inc.^(b)		20,502		146,999
Vizio Holding Corp., Class A^(b)(c)		31,955		183,422
VOXX International Corp.^(b)(c)		10,581		91,420
Weyco Group, Inc.		6,244		159,534
Zumiez, Inc.^(b)		36,077		685,102

				55,127,029

Consumer Staples-3.15%
Alico, Inc.^(c)		7,813		183,840
Andersons, Inc. (The)		16,597		852,422
B&G Foods, Inc.^(c)		34,682		443,583
Calavo Growers, Inc.^(c)		18,288		602,772
Dole PLC		38,937		464,129
Fresh Del Monte Produce, Inc.		15,526		396,689
Hain Celestial Group, Inc. (The)^(b)(c)		34,386		364,148
Herbalife Ltd.^(b)(c)		68,617		1,030,627
HF Foods Group, Inc.^(b)		117,026		553,533
Ingles Markets, Inc., Class A		9,367		731,844
Limoneira Co.^(c)		13,813		212,858
Medifast, Inc.^(c)		10,099		851,750
Natural Grocers by Vitamin Cottage, Inc.		27,143		342,273
Nature’s Sunshine Products, Inc.^(b)		22,319		375,182
Oil-Dri Corp.of America		6,948		468,295
Seneca Foods Corp., Class A^(b)		15,266		736,737
SpartanNash Co.		43,959		956,548
SunOpta, Inc. (Canada)^(b)		39,599		173,840
Thorne HealthTech, Inc.^(b)		31,224		316,299
Turning Point Brands, Inc.		19,224		473,295
Village Super Market, Inc., Class A^(c)		24,767		558,496

				11,089,160


	Shares		Value
Energy-9.20%
Amplify Energy Corp.^(b)(c)		105,421	$	689,453
Ardmore Shipping Corp. (Ireland)		81,209		1,010,240
Atlas Energy Solutions, Inc., Class A^(c)		11,299		240,556
Berry Corp.^(c)		202,043		1,731,509
Bristow Group, Inc.^(b)		14,342		397,273
Centrus Energy Corp., Class A^(b)(c)		9,485		450,158
Crescent Energy Co., Class A^(c)		100,042		1,363,572
Delek US Holdings, Inc.^(c)		27,083		697,387
DMC Global, Inc.^(b)		42,067		1,010,449
Dorian LPG Ltd.^(c)		13,519		348,790
Earthstone Energy, Inc., Class A^(b)(c)		30,591		623,445
Empire Petroleum Corp.^(b)(c)		9,048		79,080
Evolution Petroleum Corp.^(c)		53,004		448,414
Excelerate Energy, Inc., Class A		16,980		315,828
Forum Energy Technologies, Inc.^(b)(c)		23,530		557,190
Granite Ridge Resources, Inc.		34,036		251,866
Hallador Energy Co.^(b)(c)		52,670		565,676
KLX Energy Services Holdings, Inc.^(b)(c)		36,825		383,164
Mammoth Energy Services, Inc.^(b)(c)		55,328		256,169
Nabors Industries Ltd.^(b)(c)		9,900		1,095,831
NACCO Industries, Inc., Class A		12,233		398,796
Newpark Resources, Inc.^(b)(c)		104,929		627,475
Oil States International, Inc.^(b)		78,037		611,810
Overseas Shipholding Group, Inc., Class A^(b)		150,082		660,361
Par Pacific Holdings, Inc.^(b)		30,751		1,056,297
PrimeEnergy Resources Corp.^(b)(c)		2,138		207,386
ProFrac Holding Corp., Class A^(b)(c)		48,532		533,852
ProPetro Holding Corp.^(b)		104,621		1,008,546
Ranger Energy Services, Inc.		37,139		442,326
REX American Resources Corp.^(b)		14,778		583,583
Riley Exploration Permian, Inc.		8,480		283,995
Ring Energy, Inc.^(b)		348,582		658,820
SandRidge Energy, Inc.		71,622		1,145,236
Select Water Solutions, Inc., Class A		43,666		351,511
SFL Corp. Ltd. (Norway)		59,971		677,672
SilverBow Resources, Inc.^(b)		41,437		1,772,675
Solaris Oilfield Infrastructure, Inc., Class A		58,184		612,096
Teekay Corp. (Bermuda)^(b)		132,365		848,460
Teekay Tankers Ltd., Class A (Canada)		10,631		432,469
TETRA Technologies, Inc.^(b)		178,674		980,920
US Silica Holdings, Inc.^(b)		66,401		818,724
VAALCO Energy, Inc.^(c)		202,864		839,857
Vertex Energy, Inc.^(b)(c)		158,745		673,079
Vital Energy, Inc.^(b)(c)		28,345		1,708,920
Vitesse Energy, Inc.^(c)		23,486		545,815
W&T Offshore, Inc.^(b)(c)		217,219		886,254
World Kinect Corp.^(c)		25,097		549,624

				32,432,609

Financials-23.90%
1st Source Corp.		4,259		190,335
ACNB Corp.		10,170		323,711
AFC Gamma, Inc.		18,887		250,442
Alerus Financial Corp.		27,250		531,375
AlTi Global, Inc.^(b)(c)		16,264		118,890
Amalgamated Financial Corp.^(c)		17,616		315,679
A-Mark Precious Metals, Inc.^(c)		21,221		724,061
Ambac Financial Group, Inc.^(b)		64,078		825,325
Amerant Bancorp, Inc.^(c)		9,300		174,561
American National Bankshares, Inc.		10,186		399,291

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Ames National Corp.^(c)		10,508	$	188,619
Ares Commercial Real Estate Corp.^(c)		34,222		354,198
Arrow Financial Corp.		15,626		275,174
Atlanticus Holdings Corp.^(b)(c)		10,757		375,419
Avantax, Inc.^(b)		29,462		616,345
Banc of California, Inc.^(c)		43,466		544,629
Banco Latinoamericano de Comercio Exterior
S.A., Class E (Panama)		20,779		490,384
Bank of Marin Bancorp^(c)		24,507		461,222
Bank7 Corp.^(c)		5,221		131,152
BankUnited, Inc.		23,619		619,999
Bankwell Financial Group, Inc.		16,140		419,963
Bar Harbor Bankshares		14,460		359,186
BayCom Corp.^(c)		18,057		347,958
BCB Bancorp, Inc.		33,872		385,463
Berkshire Hills Bancorp, Inc.		12,707		265,576
Blue Foundry Bancorp^(b)(c)		10,150		93,888
Blue Ridge Bankshares, Inc.^(c)		51,201		405,512
Bread Financial Holdings, Inc.^(c)		22,971		863,250
Bridgewater Bancshares, Inc.^(b)(c)		45,688		477,896
Brightsphere Investment Group, Inc.		9,750		201,922
BrightSpire Capital, Inc.^(c)		47,021		327,266
Brookline Bancorp, Inc.		44,030		421,367
Business First Bancshares, Inc.^(c)		28,682		586,547
Byline Bancorp, Inc.		19,405		410,998
C&F Financial Corp.^(c)		9,392		500,781
Cambridge Bancorp^(c)		6,686		355,762
Camden National Corp.^(c)		15,507		508,475
Cantaloupe, Inc.^(b)		21,318		168,839
Capital Bancorp, Inc.		16,738		320,533
Capital City Bank Group, Inc.		7,213		220,069
Capitol Federal Financial, Inc.^(c)		39,657		224,855
Capstar Financial Holdings, Inc.		11,811		154,252
Carter Bankshares, Inc.^(b)(c)		29,601		423,590
Cass Information Systems, Inc.		8,316		318,835
Central Pacific Financial Corp.		39,249		666,056
Central Valley Community Bancorp^(c)		14,585		213,233
Chemung Financial Corp.^(c)		6,461		253,853
Chicago Atlantic Real Estate Finance, Inc.^(c)		12,386		187,276
ChoiceOne Financial Services, Inc.		14,193		341,200
Citizens & Northern Corp.^(c)		12,687		229,254
Citizens Financial Services, Inc.^(c)		3,075		168,326
Civista Bancshares, Inc.		20,065		340,904
CNB Financial Corp.		26,594		484,277
Coastal Financial Corp.^(b)		8,579		377,905
Codorus Valley Bancorp, Inc.		14,421		292,025
Colony Bankcorp, Inc.^(c)		34,507		359,218
Community Trust Bancorp, Inc.^(c)		9,345		331,747
ConnectOne Bancorp, Inc.		47,112		900,781
Consumer Portfolio Services, Inc.^(b)(c)		26,954		249,864
Crawford & Co., Class A^(c)		14,380		154,010
CrossFirst Bankshares, Inc.^(b)(c)		38,182		410,456
Customers Bancorp, Inc.^(b)		18,507		650,336
Diamond Hill Investment Group, Inc.		1,440		243,014
Dime Community Bancshares, Inc.		42,097		897,087
Donegal Group, Inc., Class A^(c)		17,818		260,321
Dynex Capital, Inc.^(c)		47,878		620,499
Eagle Bancorp, Inc.^(c)		31,829		765,806
Encore Capital Group, Inc.^(b)(c)		10,533		493,576
Enova International, Inc.^(b)(c)		8,215		414,447


	Shares		Value
Financials-(continued)
Enterprise Bancorp, Inc.		10,384	$	300,513
Equity Bancshares, Inc., Class A^(c)		19,491		487,665
Esquire Financial Holdings, Inc.		4,667		218,229
ESSA Bancorp, Inc.		12,024		191,302
Evans Bancorp, Inc.		10,513		297,728
Farmers & Merchants Bancorp, Inc.		13,430		256,513
Farmers National Banc Corp.		32,166		408,508
FB Financial Corp.^(c)		12,829		389,745
Federal Agricultural Mortgage Corp., Class C		3,166		532,901
Fidelity D&D Bancorp, Inc.^(c)		7,234		342,783
Finance Of America Cos., Inc., Class A^(b)		155,255		220,462
Financial Institutions, Inc.^(c)		42,534		744,345
First Bancorp, Inc. (The)^(c)		11,849		291,722
First Bancshares, Inc. (The)^(c)		8,137		231,009
First Bank^(c)		26,334		301,261
First Busey Corp.^(c)		13,022		263,044
First Business Financial Services, Inc.		12,679		399,769
First Community Bankshares, Inc.^(c)		9,150		283,009
First Community Corp.		10,928		188,836
First Financial Corp.		14,063		516,393
First Foundation, Inc.^(c)		150,396		1,182,113
First Mid Bancshares, Inc.^(c)		14,991		419,298
First of Long Island Corp. (The)^(c)		38,926		508,374
First Western Financial, Inc.^(b)(c)		17,239		350,296
Five Star Bancorp		12,348		269,927
Flushing Financial Corp.		49,547		699,604
FS Bancorp, Inc.^(c)		19,131		567,234
FVCBankcorp, Inc.^(b)(c)		20,326		247,367
GCM Grosvenor, Inc., Class A		116,039		886,538
German American Bancorp, Inc.^(c)		8,829		255,423
Granite Point Mortgage Trust, Inc.^(c)		32,828		175,302
Great Southern Bancorp, Inc.^(c)		4,839		244,224
Green Dot Corp., Class A^(b)		31,973		474,479
Greene County Bancorp, Inc.^(c)		2,966		85,450
Greenlight Capital Re Ltd., Class A^(b)		22,177		244,612
Guaranty Bancshares, Inc.^(c)		9,455		272,966
Hanmi Financial Corp.		46,729		809,346
HarborOne Bancorp, Inc.^(c)		41,534		414,094
HBT Financial, Inc.		6,815		127,441
HCI Group, Inc.^(c)		1,913		101,925
Heartland Financial USA, Inc.		14,019		429,542
Heritage Commerce Corp.^(c)		51,223		444,103
Heritage Financial Corp.		22,951		395,216
Hingham Institution for Savings (The)^(c)		744		148,197
Home Bancorp, Inc.^(c)		10,052		328,298
HomeStreet, Inc.^(c)		52,630		497,353
HomeTrust Bancshares, Inc.^(c)		12,362		282,472
Hope Bancorp, Inc.		73,601		711,722
Horizon Bancorp, Inc.		65,029		727,675
I3 Verticals, Inc., Class A^(b)(c)		8,812		208,404
Independent Bank Corporation		31,480		600,953
Investors Title Co		1,819		261,736
James River Group Holdings Ltd.		25,505		371,353
John Marshall Bancorp, Inc.^(c)		10,784		190,553
Kearny Financial Corp.^(c)		52,538		389,307
KKR Real Estate Finance Trust, Inc.		20,407		255,292
Lakeland Bancorp, Inc.		22,084		298,355
LCNB Corp.^(c)		16,317		243,286
LendingClub Corp.^(b)		85,536		595,331
LendingTree, Inc.^(b)(c)		10,583		200,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Live Oak Bancshares, Inc.		11,131	$	359,977
Luther Burbank Corp.		11,132		101,190
Macatawa Bank Corp.		23,085		211,459
MainStreet Bancshares, Inc.^(c)		12,251		277,118
MarketWise, Inc.		26,584		35,888
Mercantile Bank Corp.		19,372		646,637
Merchants Bancorp^(c)		10,385		302,930
Metrocity Bankshares, Inc.^(c)		23,649		461,155
Metropolitan Bank Holding Corp.^(b)(c)		18,753		746,557
Mid Penn Bancorp, Inc.		16,113		352,714
Middlefield Banc Corp.		6,527		169,245
Midland States Bancorp, Inc.^(c)		41,438		919,924
MidWestOne Financial Group, Inc.		27,417		585,627
MVB Financial Corp.		17,942		422,355
National Bankshares, Inc.^(c)		8,997		236,801
NerdWallet, Inc., Class A^(b)(c)		28,303		254,727
NewtekOne, Inc.^(c)		6,193		110,917
Nexpoint Real Estate Finance, Inc.		11,067		189,135
Nicolet Bankshares, Inc.		3,448		261,393
Northeast Bank^(c)		6,502		276,270
Northeast Community Bancorp, Inc.		15,421		244,577
Northfield Bancorp, Inc.		32,339		340,853
Northrim BanCorp, Inc.		11,643		483,534
Norwood Financial Corp.		10,015		271,707
Oak Valley Bancorp		7,476		187,722
OceanFirst Financial Corp.		32,860		554,348
Ocwen Financial Corp.^(b)		18,668		564,894
Old Second Bancorp, Inc.^(c)		32,245		466,585
Orange County Bancorp, Inc.		7,436		345,700
Orchid Island Capital, Inc.		26,683		255,890
Origin Bancorp, Inc.^(c)		9,442		289,775
Orrstown Financial Services, Inc.^(c)		15,615		337,284
P10, Inc., Class A		26,220		315,951
PacWest Bancorp^(c)		130,788		1,039,765
Parke Bancorp, Inc.		20,034		345,987
Patria Investments Ltd., Class A (Cayman Islands)		16,524		238,276
Paysafe Ltd.^(b)(c)		36,410		476,971
Paysign, Inc.^(b)		46,558		104,756
PCB Bancorp^(c)		21,504		345,139
Peapack-Gladstone Financial Corp.		18,183		495,850
Penns Woods Bancorp, Inc.		8,214		213,893
PennyMac Mortgage Investment Trust^(c)		44,164		592,239
Peoples Bancorp, Inc.		10,127		260,973
Peoples Financial Services Corp.		7,755		338,118
Perella Weinberg Partners		16,172		170,291
Pioneer Bancorp, Inc.^(b)(c)		12,700		114,427
Plumas Bancorp^(c)		9,673		337,975
PRA Group, Inc.^(b)(c)		20,772		404,639
Preferred Bank^(c)		9,326		579,238
Premier Financial Corp.		48,123		906,637
Primis Financial Corp.^(c)		23,591		209,488
Princeton Bancorp, Inc.^(c)		8,048		235,565
Priority Technology Holdings, Inc.^(b)(c)		40,768		151,249
ProAssurance Corp.		20,996		371,209
QCR Holdings, Inc.^(c)		10,642		558,279
RBB Bancorp		48,749		664,449
Red River Bancshares, Inc.		3,828		180,988
Regional Management Corp.		23,187		637,179
Repay Holdings Corp., Class A^(b)(c)		44,648		411,655


	Shares		Value
Financials-(continued)
Republic Bancorp, Inc., Class A^(c)		3,811	$	169,361
S&T Bancorp, Inc.		11,148		315,823
Sandy Spring Bancorp, Inc.		18,770		417,445
Security National Financial Corp., Class A^(b)		36,289		297,570
Shore Bancshares, Inc.^(c)		53,773		595,805
Sierra Bancorp		17,755		352,969
Silvercrest Asset Management Group, Inc., Class A		8,503		163,853
Skyward Specialty Insurance Group, Inc.^(b)		3,702		90,033
SmartFinancial, Inc.		15,595		355,098
South Plains Financial, Inc.^(c)		17,870		468,730
Southern First Bancshares, Inc.^(b)(c)		15,347		431,404
Southern Missouri Bancorp, Inc.^(c)		6,678		282,479
Southern States Bancshares, Inc.^(c)		13,000		297,830
Southside Bancshares, Inc.		14,301		430,460
Stewart Information Services Corp.^(c)		9,517		440,827
Summit Financial Group, Inc.		22,720		558,912
Third Coast Bancshares, Inc.^(b)		13,837		260,412
Timberland Bancorp, Inc.^(c)		8,831		250,447
Tiptree, Inc.		45,890		808,582
Tompkins Financial Corp.		5,425		281,720
TPG RE Finance Trust, Inc.^(c)		26,864		202,017
TrustCo Bank Corp.		12,739		362,679
Two Harbors Investment Corp.^(c)		33,292		458,431
United Fire Group, Inc.		13,608		269,030
Unity Bancorp, Inc.		10,537		254,627
Universal Insurance Holdings, Inc.		52,152		660,244
Univest Financial Corp.^(c)		26,264		472,489
USCB Financial Holdings, Inc., Class A^(b)(c)		12,335		135,315
Velocity Financial, Inc.^(b)(c)		11,304		140,057
Veritex Holdings, Inc.^(c)		20,010		376,388
Virginia National Bankshares Corp.		6,949		229,595
Washington Trust Bancorp, Inc.		20,500		574,000
Waterstone Financial, Inc.		44,081		547,045
West Bancorporation, Inc.^(c)		23,040		426,701
World Acceptance Corp.^(b)(c)		1,399		188,599

				84,293,139

Health Care-7.40%
Accuray, Inc.^(b)		134,956		384,625
Amneal Pharmaceuticals, Inc.^(b)(c)		355,958		1,455,868
AngioDynamics, Inc.^(b)		30,451		244,522
Anika Therapeutics, Inc.^(b)(c)		10,270		183,320
Assertio Holdings, Inc.^(b)		160,461		526,312
biote Corp., Class A^(b)(c)		32,891		162,482
Brookdale Senior Living, Inc.^(b)		266,782		1,133,823
Cano Health, Inc.^(b)		337,733		104,461
CareMax, Inc.^(b)		61,246		136,579
Carisma Therapeutics, Inc.^(c)		26,668		184,543
Codexis, Inc.^(b)		64,081		111,501
Collegium Pharmaceutical, Inc.^(b)		24,801		580,839
Community Health Systems, Inc.^(b)(c)		367,338		1,241,602
Computer Programs and Systems, Inc.^(b)(c)		29,845		485,578
Cross Country Healthcare, Inc.^(b)(c)		33,215		855,618
Eagle Pharmaceuticals, Inc.^(b)		30,079		509,839
Enhabit, Inc.^(b)(c)		98,742		1,264,885
Foghorn Therapeutics, Inc.^(b)(c)		47,181		357,160
Harvard Bioscience, Inc.^(b)		38,056		167,827
InfuSystem Holdings, Inc.^(b)		36,195		372,085
Innoviva, Inc.^(b)(c)		69,029		880,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Health Care-(continued)
Intercept Pharmaceuticals, Inc.^(b)(c)		72,362	$	783,680
Joint Corp. (The)^(b)(c)		22,117		205,467
Kiniksa Pharmaceuticals Ltd., Class A^(b)(c)		39,653		683,221
KORU Medical Systems, Inc.^(b)		23,129		60,598
Merrimack Pharmaceuticals, Inc.^(b)		8,141		99,402
ModivCare, Inc.^(b)(c)		30,581		981,650
Ocean Biomedical, Inc.^(b)		18,680		84,247
OptimizeRx Corp.^(b)		15,689		133,670
OraSure Technologies, Inc.^(b)(c)		47,203		304,931
Organogenesis Holdings, Inc.^(b)		95,992		268,778
Owens & Minor, Inc.^(b)		46,451		785,022
Pediatrix Medical Group, Inc.^(b)(c)		66,637		941,581
Pennant Group, Inc. (The)^(b)		53,789		644,392
PetIQ, Inc.^(b)(c)		75,795		1,446,169
Phibro Animal Health Corp., Class A		60,176		839,455
Point Biopharma Global, Inc.^(b)(c)		56,425		449,143
Quipt Home Medical Corp.^(b)(c)		99,542		588,293
Sanara Medtech, Inc.^(b)(c)		2,507		90,653
Selecta Biosciences, Inc.^(b)(c)		180,449		221,952
Semler Scientific, Inc.^(b)(c)		10,592		279,205
SIGA Technologies, Inc.^(c)		69,346		318,298
Tactile Systems Technology, Inc.^(b)(c)		14,906		282,469
Theravance Biopharma, Inc.^(b)(c)		74,583		710,030
Utah Medical Products, Inc.^(c)		4,038		369,881
Vanda Pharmaceuticals, Inc.^(b)		97,850		507,841
Viemed Healthcare, Inc.^(b)		40,758		322,396
Zimvie, Inc.^(b)(c)		76,032		897,178
Zura Bio Ltd. (United Kingdom)^(b)(c)		16,868		116,052
Zymeworks, Inc.^(b)		156,047		1,129,780
Zynex, Inc.^(b)		26,305		202,548

				26,091,571

Industrials-17.98%
ACCO Brands Corp.		222,511		1,185,984
Air Transport Services Group, Inc.^(b)(c)		32,138		692,895
Allient, Inc.^(c)		7,657		260,568
Alta Equipment Group, Inc.^(c)		38,088		541,992
American Woodmark Corp.^(b)		11,217		871,224
Apogee Enterprises, Inc.		17,733		894,807
Argan, Inc.^(c)		5,867		249,230
Aris Water Solutions, Inc., Class A^(c)		31,788		325,509
Astronics Corp.^(b)(c)		10,453		183,241
Asure Software, Inc.^(b)(c)		15,687		196,715
AZZ, Inc.^(c)		8,757		429,969
Babcock & Wilcox Enterprises, Inc.^(b)(c)		42,899		225,220
Barrett Business Services, Inc.		7,264		695,019
BlueLinx Holdings, Inc.^(b)		13,656		1,218,935
Bowman Consulting Group Ltd.^(b)		6,775		200,066
BrightView Holdings, Inc.^(b)		74,975		620,793
Brookfield Business Corp., Class A (Canada)		7,575		133,774
CECO Environmental Corp.^(b)		34,410		474,170
CIRCOR International, Inc.^(b)		11,378		633,641
Commercial Vehicle Group, Inc.^(b)		83,470		768,759
Concrete Pumping Holdings, Inc.^(b)		40,065		305,696
Conduent, Inc.^(b)		238,754		749,688
CoreCivic, Inc.^(b)		70,706		760,797
Costamare, Inc. (Monaco)^(c)		50,054		516,057
Covenant Logistics Group, Inc., Class A		23,564		1,158,642
CRA International, Inc.		3,716		403,669
Daseke, Inc.^(b)		117,713		623,879


	Shares		Value
Industrials-(continued)
Deluxe Corp.		73,018	$	1,476,424
Douglas Dynamics, Inc.		13,379		404,982
Ducommun, Inc.^(b)(c)		11,450		520,631
DXP Enterprises, Inc.^(b)		19,136		680,668
Eagle Bulk Shipping, Inc.^(c)		31,441		1,375,858
Eneti, Inc.		42,492		460,613
Ennis, Inc.		23,546		501,530
Enviri Corp.^(b)(c)		68,182		507,956
EVI Industries, Inc.^(b)(c)		4,759		125,733
Forrester Research, Inc.^(b)		8,329		255,117
Franklin Covey Co.^(b)		7,761		331,162
Genco Shipping & Trading Ltd.^(c)		84,617		1,156,714
Gencor Industries, Inc.^(b)(c)		6,372		90,992
GEO Group, Inc. (The)^(b)(c)		114,619		829,842
Global Industrial Co.		4,919		166,459
Golden Ocean Group Ltd. (Norway)^(c)		45,483		332,481
Gorman-Rupp Co. (The)		9,995		321,239
GrafTech International Ltd.^(c)		126,707		448,543
Great Lakes Dredge & Dock Corp.^(b)(c)		45,593		402,586
Greenbrier Cos., Inc. (The)^(c)		20,714		881,588
Hawaiian Holdings, Inc.^(b)(c)		21,686		186,066
Heidrick & Struggles International, Inc.		42,222		1,118,461
Heritage-Crystal Clean, Inc.^(b)		8,558		385,966
HireQuest, Inc.		3,132		59,571
HireRight Holdings Corp.^(b)(c)		11,720		122,708
HNI Corp.		16,621		544,504
Hudson Technologies, Inc.^(b)(c)		83,462		1,006,552
Hyster-Yale Materials Handling, Inc.		16,168		738,393
IBEX Holdings Ltd.^(b)		16,430		321,371
IES Holdings, Inc.^(b)		4,050		303,669
Innodata, Inc.^(b)(c)		14,594		189,722
INNOVATE Corp.^(b)		80,094		128,150
Insteel Industries, Inc.		20,535		713,591
Interface, Inc.		127,533		1,317,416
JELD-WEN Holding, Inc.^(b)		56,250		848,250
Kaman Corp.		12,465		279,590
Karat Packaging, Inc.		9,027		224,772
Kelly Services, Inc., Class A		44,446		821,807
Limbach Holdings, Inc.^(b)(c)		25,640		926,373
Liquidity Services, Inc.^(b)		18,223		332,570
LSI Industries, Inc.		29,044		457,443
Luxfer Holdings PLC (United Kingdom)		27,819		334,663
Manitowoc Co., Inc. (The)^(b)		58,680		992,866
MasterBrand, Inc.^(b)		50,696		649,416
Mayville Engineering Co., Inc.^(b)(c)		32,108		376,948
Miller Industries, Inc.		16,193		647,720
MillerKnoll, Inc.		44,972		858,965
Mistras Group, Inc.^(b)		60,521		323,182
MRC Global, Inc.^(b)(c)		112,521		1,048,696
National Presto Industries, Inc.		2,534		189,670
Northwest Pipe Co.^(b)		21,160		700,184
NOW, Inc.^(b)		59,668		666,492
PAM Transportation Services, Inc.^(b)(c)		10,042		231,569
Pangaea Logistics Solutions Ltd.		105,891		597,225
Park Aerospace Corp.		12,445		169,625
Park-Ohio Holdings Corp.^(c)		24,133		451,528
Performant Financial Corp.^(b)(c)		40,984		96,312
Pitney Bowes, Inc.		365,122		1,201,251
Powell Industries, Inc.		3,158		265,177
Preformed Line Products Co.^(c)		1,041		176,439

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Industrials-(continued)
Quad/Graphics, Inc.^(b)(c)		90,380	$	461,842
Quanex Building Products Corp.		32,409		874,395
Radiant Logistics, Inc.^(b)(c)		108,950		735,412
Resources Connection, Inc.		43,084		668,233
REV Group, Inc.		56,198		763,169
Safe Bulkers, Inc. (Greece)		205,338		659,135
Shyft Group, Inc. (The)		12,524		196,376
SP Plus Corp.^(b)(c)		13,305		521,157
Steelcase, Inc., Class A.		154,250		1,399,047
Thermon Group Holdings, Inc.^(b)		12,306		338,169
Titan International, Inc.^(b)(c)		100,295		1,262,714
Titan Machinery, Inc.^(b)		39,237		1,217,132
TPI Composites, Inc.^(b)(c)		26,340		133,017
Triumph Group, Inc.^(b)		43,169		406,220
TrueBlue, Inc.^(b)		72,801		1,101,479
Tutor Perini Corp.^(b)(c)		124,730		1,108,850
Universal Logistics Holdings, Inc.		10,768		292,028
Veritiv Corp.		5,640		949,381
Viad Corp.^(b)		31,857		904,420
VSE Corp.^(c)		8,010		454,567
Wabash National Corp.^(c)		23,509		530,128
Willdan Group, Inc.^(b)(c)		19,625		473,747
Willis Lease Finance Corp.^(b)		8,208		349,907

				63,397,455

Information Technology-5.45%
8x8, Inc.^(b)(c)		81,624		265,278
ADTRAN Holdings, Inc.^(c)		30,436		260,228
Alpha & Omega Semiconductor Ltd.^(b)(c)		46,736		1,474,521
American Software, Inc., Class A		26,560		306,237
Aviat Networks, Inc.^(b)		9,694		341,617
Bel Fuse, Inc., Class B.		8,883		464,581
Benchmark Electronics, Inc.		34,726		893,847
Brightcove, Inc.^(b)		94,671		364,483
Cambium Networks Corp.^(b)(c)		7,228		66,570
Cleanspark, Inc.^(b)(c)		78,005		384,565
Clearfield, Inc.^(b)(c)		5,626		197,754
Climb Global Solutions, Inc.		6,200		266,662
CommScope Holding Co., Inc.^(b)		99,566		332,550
CompoSecure, Inc.^(b)(c)		47,782		300,071
Comtech Telecommunications Corp.^(c)		18,738		188,317
Consensus Cloud Solutions, Inc.^(b)		14,945		477,194
CoreCard Corp.^(b)(c)		10,018		212,782
CPI Card Group, Inc.^(b)(c)		8,571		177,163
Daktronics, Inc.^(b)(c)		65,998		551,743
Digital Turbine, Inc.^(b)(c)		45,740		407,543
Eastman Kodak Co.^(b)(c)		53,538		239,315
Ebix, Inc.^(c)		43,493		726,333
eGain Corp.^(b)(c)		20,354		135,558
Expensify, Inc., Class A^(b)(c)		30,136		129,283
FARO Technologies, Inc.^(b)		9,029		143,200
Hackett Group, Inc. (The)^(c)		26,892		633,844
Ichor Holdings Ltd.^(b)		20,050		734,431
Immersion Corp.^(c)		70,142		492,397
Information Services Group, Inc.		52,298		271,950
inTEST Corp.^(b)(c)		11,572		202,741
Iteris, Inc.^(b)(c)		25,423		116,692
Kimball Electronics, Inc.^(b)		24,966		753,724
KVH Industries, Inc.^(b)(c)		31,377		166,298
Luna Innovations, Inc.^(b)(c)		14,075		96,977


	Shares		Value
Information Technology-(continued)
Mitek Systems, Inc.^(b)(c)		42,225	$	471,653
NETGEAR, Inc.^(b)		21,078		277,808
NVE Corp.^(c)		3,301		291,973
PC Connection, Inc.		6,877		365,306
Rackspace Technology, Inc.^(b)		229,060		572,650
Red Violet, Inc.^(b)		9,304		191,290
Ribbon Communications, Inc.^(b)		30,071		89,010
Richardson Electronics Ltd.^(c)		25,378		319,509
Rimini Street, Inc.^(b)		61,199		148,102
ScanSource, Inc.^(b)		45,315		1,485,426
SMART Global Holdings, Inc.^(b)(c)		25,685		663,444
SoundThinking, Inc.^(b)(c)		5,296		113,652
Tucows, Inc., Class A^(b)(c)		9,451		223,516
Unisys Corp.^(b)(c)		187,531		755,750
Veritone, Inc.^(b)(c)		21,821		66,990
Vishay Precision Group, Inc.^(b)		10,852		390,889

				19,203,417

Materials-5.11%
AdvanSix, Inc.		25,488		843,143
American Vanguard Corp.		27,887		385,398
Caledonia Mining Corp. PLC (South Africa)^(c)		25,969		268,520
Century Aluminum Co.^(b)(c)		62,019		461,421
Clearwater Paper Corp.^(b)		39,241		1,502,538
Core Molding Technologies, Inc.^(b)		22,512		610,300
FutureFuel Corp.		34,011		240,798
Haynes International, Inc.		4,576		223,355
Intrepid Potash, Inc.^(b)(c)		30,910		829,315
Kaiser Aluminum Corp.		9,308		706,663
Koppers Holdings, Inc.		35,312		1,352,097
Kronos Worldwide, Inc.		13,523		113,593
LSB Industries, Inc.^(b)(c)		85,762		867,911
Mativ Holdings, Inc., Class A		52,411		859,540
Myers Industries, Inc.		29,025		545,960
Olympic Steel, Inc.		26,831		1,435,995
Pactiv Evergreen, Inc.		23,755		195,266
Ramaco Resources, Inc., Class A		65,539		513,826
Ramaco Resources, Inc., Class B		13,087		141,863
Ranpak Holdings Corp.^(b)(c)		25,265		159,928
Rayonier Advanced Materials, Inc.^(b)		185,341		654,254
Ryerson Holding Corp.		14,607		454,862
Schnitzer Steel Industries, Inc., Class A		39,330		1,305,756
SunCoke Energy, Inc.		178,297		1,658,162
TimkenSteel Corp.^(b)(c)		41,854		917,021
Tredegar Corp.		76,721		385,907
Trinseo PLC		29,120		306,634
Valhi, Inc.		7,010		92,812

				18,032,838

Real Estate-5.45%
Alexander’s, Inc.^(c)		715		137,101
Alpine Income Property Trust, Inc.^(c)		19,277		335,227
Anywhere Real Estate, Inc.^(b)		52,141		342,045
Armada Hoffler Properties, Inc.^(c)		39,256		447,126
Braemar Hotels & Resorts, Inc.^(c)		190,684		518,660
Brandywine Realty Trust^(c)		175,754		878,770
BRT Apartments Corp.^(c)		10,191		190,062
CBL & Associates Properties, Inc.^(c)		13,260		283,631
Chatham Lodging Trust^(c)		39,548		386,779
City Office REIT, Inc.		113,368		571,375
Clipper Realty, Inc.^(c)		30,044		184,771

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		31

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Real Estate-(continued)
CTO Realty Growth, Inc.		16,421	$	289,338
Diversified Healthcare Trust		579,970		1,574,619
Douglas Elliman, Inc.		235,651		591,484
Empire State Realty Trust, Inc., Class A^(c)		50,982		445,073
Forestar Group, Inc.^(b)		9,814		279,797
FRP Holdings, Inc.^(b)		2,250		128,183
Gladstone Commercial Corp.^(c)		24,884		327,225
Global Medical REIT, Inc.^(c)		30,996		300,041
Hersha Hospitality Trust, Class A		90,925		892,884
Hudson Pacific Properties, Inc.^(c)		195,294		1,329,952
Newmark Group, Inc., Class A		164,629		1,167,220
NexPoint Diversified Real Estate Trust^(c)		27,070		256,082
Office Properties Income Trust^(c)		135,505		1,002,737
One Liberty Properties, Inc.^(c)		12,950		254,468
Orion Office REIT, Inc.		42,864		249,897
Paramount Group, Inc.^(c)		73,932		380,010
Piedmont Office Realty Trust, Inc., Class A		121,957		837,845
Postal Realty Trust, Inc., Class A^(c)		12,547		181,053
RE/MAX Holdings, Inc., Class A		26,888		435,586
RMR Group, Inc. (The), Class A		32,156		812,904
RPT Realty		35,786		405,813
Saul Centers, Inc.		4,340		163,010
Stratus Properties, Inc.^(c)		7,363		203,440
Summit Hotel Properties, Inc.^(c)		72,533		421,417
Tejon Ranch Co.^(b)		8,661		144,465
Transcontinental Realty Investors, Inc.^(b)(c)		4,068		139,654
Uniti Group, Inc.		209,809		1,126,674
Universal Health Realty Income Trust		4,853		226,295
Whitestone REIT		38,575		385,750

				19,228,463



	Shares		Value
Utilities-0.50%
Artesian Resources Corp., Class A		4,262	$	196,734
Consolidated Water Co. Ltd. (Cayman
Islands)		10,590		282,118
Genie Energy Ltd., Class B^(c)		43,997		673,594
Global Water Resources, Inc.		7,973		88,899
Pure Cycle Corp.^(b)		14,977		164,597
RGC Resources, Inc.^(c)		3,478		62,882
Unitil Corp.		6,119		298,730

				1,767,554

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $345,036,115)				352,281,814

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.16%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		19,866,984		19,866,984
Invesco Private Prime Fund, 5.51%^(e)(f)(g)		51,230,661		51,230,661

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $71,097,660)				71,097,645

TOTAL INVESTMENTS IN SECURITIES-120.06% (Cost $416,133,775)				423,379,459
OTHER ASSETS LESS LIABILITIES-(20.06)%				(70,752,609	)

NET ASSETS-100.00%			$	352,626,850

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)	Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value August 31, 2023		Dividend Income

Invesco Mortgage Capital, Inc.	$	-	$	111,989	$	(108,532	)	$	-	$	(3,457	)	$	-	$	4,038
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		6,563,982		(6,563,982	)		-		-			-		3,663

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	7,736,131	$	113,353,843	$	(101,222,990	)	$	-		$	-		$	19,866,984	$	576,661	*
Invesco Private Prime Fund		20,588,018		262,978,976		(232,328,629	)		(1,238	)		(6,466	)		51,230,661		1,539,615	*

Total	$	28,324,149	$	383,008,790	$	(340,224,133	)	$	(1,238	)	$	(9,923	)	$	71,097,645	$	2,123,977

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33

Statements of Assets and Liabilities

August 31, 2023


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	236,417,592			$	4,756,956,974			$	352,281,814
Affiliated investments in securities, at value			18,113,428				459,974,401				71,097,645
Foreign currencies, at value			186,294				-				-
Receivable for:
Dividends			406,630				7,830,390				458,116
Securities lending			2,700				89,798				37,486
Investments sold			720				-				3,818
Investments sold - affiliated broker			-				-				269,095
Fund shares sold			-				8,321,474				4,355,738
Foreign tax reclaims			331,866				-				-

Total assets			255,459,230				5,233,173,037				428,503,712


Liabilities:
Due to custodian			129,431				1,072,637				313,715
Payable for:
Investments purchased			61				8,289,588				4,349,616
Collateral upon return of securities loaned			18,113,516				448,246,605				71,097,660
Accrued unitary management fees			63,862				1,154,429				115,871

Total liabilities			18,306,870				458,763,259				75,876,862

Net Assets.		$	237,152,360			$	4,774,409,778			$	352,626,850


Net assets consist of:
Shares of beneficial interest		$	253,022,321			$	5,137,926,593			$	436,524,262
Distributable earnings (loss)			(15,869,961	)			(363,516,815	)			(83,897,412	)

Net Assets.		$	237,152,360			$	4,774,409,778			$	352,626,850

Shares outstanding (unlimited amount authorized, $0.01 par value)			9,850,001				97,510,001				9,740,001
Net asset value		$	24.08			$	48.96			$	36.20

Market price.		$	24.09			$	48.96			$	36.28

Unaffiliated investments in securities, at cost		$	230,090,817			$	4,678,920,657			$	345,036,115

Affiliated investments in securities, at cost		$	18,113,516			$	460,717,561			$	71,097,660

Foreign currencies, at cost		$	185,918			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	16,964,345			$	439,277,566			$	68,794,461

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34

Statements of Operations

For the year ended August 31, 2023


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income		$	5,164,508			$	57,214,769			$	4,956,783
Affiliated dividend income			4,712				284,605				7,701
Securities lending income, net			32,119				517,527				173,931
Foreign withholding tax			(511,995	)			(17,710	)			(2,829	)

Total investment income			4,689,344				57,999,191				5,135,586


Expenses:
Unitary management fees			475,042				8,686,929				974,122

Less: Waivers			(108	)			(1,361	)			(94	)

Net expenses			474,934				8,685,568				974,028

Net investment income			4,214,410				49,313,623				4,161,558


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			7,849,045				(51,098,480	)			(36,163,947	)
Affiliated investment securities			(2,294	)			(521,589	)			(10,080	)
Unaffiliated in-kind redemptions			3,939,955				317,420,520				32,509,154
Affiliated in-kind redemptions			-				6,841				157
Foreign currencies			(35,929	)			-				(2	)

Net realized gain (loss)			11,750,777				265,807,292				(3,664,718	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			10,227,660				95,449,948				7,260,647
Affiliated investment securities			(252	)			(743,160	)			(1,238	)
Foreign currencies			27,285				-				-

Change in net unrealized appreciation			10,254,693				94,706,788				7,259,409

Net realized and unrealized gain			22,005,470				360,514,080				3,594,691

Net increase in net assets resulting from operations		$	26,219,880			$	409,827,703			$	7,756,249

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		35

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco International Developed Dynamic Multifactor ETF (IMFL)						Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)						Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	4,214,410		$	3,652,126		$	49,313,623		$	28,096,122		$	4,161,558		$	2,095,115
Net realized gain (loss)		11,750,777			(24,948,343	)		265,807,292			(80,886,474	)		(3,664,718	)		(24,119,276	)
Change in net unrealized appreciation (depreciation)		10,254,693			(9,338,111	)		94,706,788			(201,723,895	)		7,259,409			(5,095,871	)

Net increase (decrease) in net assets resulting from operations		26,219,880			(30,634,328	)		409,827,703			(254,514,247	)		7,756,249			(27,120,032	)


Distributions to Shareholders from:
Distributable earnings		(3,933,666	)		(6,081,841	)		(44,995,732	)		(22,289,549	)		(3,921,465	)		(1,629,687	)


Shareholder Transactions:
Proceeds from shares sold		138,374,719			50,581,605			5,540,925,351			3,503,769,481			524,445,565			250,801,195
Value of shares repurchased		(27,225,811	)		(45,401,324	)		(3,088,626,586	)		(2,974,138,792	)		(320,206,649	)		(207,533,106	)

Net increase in net assets resulting from share transactions		111,148,908			5,180,281			2,452,298,765			529,630,689			204,238,916			43,268,089

Net increase (decrease) in net assets		133,435,122			(31,535,888	)		2,817,130,736			252,826,893			208,073,700			14,518,370


Net assets:
Beginning of year.		103,717,238			135,253,126			1,957,279,042			1,704,452,149			144,553,150			130,034,780

End of year	$	237,152,360		$	103,717,238		$	4,774,409,778		$	1,957,279,042		$	352,626,850		$	144,553,150


Changes in Shares Outstanding:
Shares sold		5,950,000			2,150,000			117,840,000			74,570,000			14,520,000			6,330,000
Shares repurchased.		(1,300,000	)		(1,950,000	)		(66,720,000	)		(63,510,000	)		(8,950,000	)		(5,370,000	)
Shares outstanding, beginning of year		5,200,001			5,000,001			46,390,001			35,330,001			4,170,001			3,210,001

Shares outstanding, end of year		9,850,001			5,200,001			97,510,001			46,390,001			9,740,001			4,170,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		36

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)


	Years Ended August 31,						For the Period February 22, 2021^(a)Through August 31,
	2023			2022			2021
Per Share Operating Performance:
Net asset value at beginning of period	$	19.95		$	27.05			$	25.00

Net investment income^(b)		0.67			0.71				0.53
Net realized and unrealized gain (loss) on investments		4.11			(6.62	)			1.81

Total from investment operations		4.78			(5.91	)			2.34

Distributions to shareholders from:
Net investment income		(0.65	)		(0.95	)			(0.29	)
Net realized gains		-			(0.24	)			-

Total distributions		(0.65	)		(1.19	)			(0.29	)

Net asset value at end of period	$	24.08		$	19.95			$	27.05

Market price at end of period^(c)	$	24.09		$	19.75			$	27.16

Net Asset Value Total Return^(d)		24.43	%		(22.54	)%			9.37	%^(e)
Market Price Total Return^(d)		25.74	%		(23.63	)%			9.81	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	237,152		$	103,717			$	135,253
Ratio to average net assets of:
Expenses		0.34	%		0.34	%			0.34	%^(f)
Net investment income		3.02	%		2.98	%			3.76	%^(f)
Portfolio turnover rate^(g)		341	%		337	%			73	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d⁾

^(e)	The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		37

Financial Highlights–(continued)

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	42.19			$	48.24			$	32.22			$	29.77			$	29.71			$	26.65

Net investment income^(a)			0.76				0.67				0.52				0.55				0.07				0.54
Net realized and unrealized gain (loss) on investments			6.76				(6.18	)			16.10				2.44				(0.01	)			2.99

Total from investment operations			7.52				(5.51	)			16.62				2.99				0.06				3.53

Distributions to shareholders from:
Net investment income			(0.75	)			(0.54	)			(0.60	)			(0.54	)			-				(0.47	)

Net asset value at end of period		$	48.96			$	42.19			$	48.24			$	32.22			$	29.77			$	29.71

Market price at end of period^(b)		$	48.96			$	42.24			$	48.24			$	32.26			$	29.79			$	29.71

Net Asset Value Total Return^(c)			18.05	%			(11.48	)%			52.12	%			10.23	%			0.20	%			13.37	%
Market Price Total Return^(c)			17.91	%			(11.37	)%			51.93	%			10.29	%			0.27	%			13.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,774,410			$	1,957,279			$	1,704,452			$	990,733			$	1,052,542			$	998,325
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%^(d)			0.29	%
Net investment income			1.65	%			1.45	%			1.24	%			1.76	%			1.48	%^(d)			1.92	%
Portfolio turnover rate^(e)			350	%			336	%			126	%			321	%			83	%			138	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		38

Financial Highlights–(continued)

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	34.67			$	40.51			$	24.92			$	25.61			$	26.82			$	27.12

Net investment income^(a)			0.59				0.51				0.31				0.31				0.03				0.43
Net realized and unrealized gain (loss) on investments			1.56				(5.94	)			15.59				(0.64	)			(1.24	)			(0.29	)

Total from investment operations			2.15				(5.43	)			15.90				(0.33	)			(1.21	)			0.14

Distributions to shareholders from:
Net investment income			(0.62	)			(0.41	)			(0.31	)			(0.36	)			-				(0.44	)

Net asset value at end of period		$	36.20			$	34.67			$	40.51			$	24.92			$	25.61			$	26.82

Market price at end of period^(b)		$	36.28			$	34.68			$	40.50			$	24.94			$	25.65			$	26.82

Net Asset Value Total Return^(c)			6.31	%			(13.45	)%			64.12	%			(1.13	)%			(4.51	)%			0.63	%
Market Price Total Return^(c)			6.51	%			(13.41	)%			63.95	%			(1.20	)%			(4.36	)%			0.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	352,627			$	144,553			$	130,035			$	43,602			$	12,807			$	12,071
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.41	%^(d)			0.39	%
Net investment income			1.67	%			1.32	%			0.86	%			1.27	%			0.87	%^(d)			1.62	%
Portfolio turnover rate^(e)			336	%			265	%			127	%			282	%			64	%			189	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		39

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization


Full Name		Short Name

Invesco International Developed Dynamic Multifactor ETF (IMFL)		“International Developed Dynamic Multifactor ETF”

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)		“Russell 1000^®Dynamic Multifactor ETF”

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)		“Russell 2000^®Dynamic Multifactor ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

International Developed Dynamic Multifactor ETF		FTSE Developed ex US Invesco Dynamic Multifactor Index

Russell 1000^® Dynamic Multifactor ETF		Russell 1000^® Invesco Dynamic Multifactor Index

Russell 2000^® Dynamic Multifactor ETF		Russell 2000^® Invesco Dynamic Multifactor Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		40

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		41

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.


		42

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

Russell 1000^® Dynamic Multifactor ETF	$	38,378

Russell 2000^® Dynamic Multifactor ETF		12,106


		43

K.	Other Risks

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.


		44

rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because International Developed Dynamic Multifactor ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

NOTE 3–Investment Advisory Agreement and Other Agreements


		45

election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

International Developed Dynamic Multifactor ETF		0.34%

Russell 1000^®Dynamic Multifactor ETF		0.29%

Russell 2000^®Dynamic Multifactor ETF		0.39%

For the fiscal year ended August 31, 2023, the Adviser waived fees for each Fund in the following amounts:



International Developed Dynamic Multifactor ETF	$	108

Russell 1000^®Dynamic Multifactor ETF		1,361

Russell 2000^®Dynamic Multifactor ETF		94

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

International Developed Dynamic Multifactor ETF		FTSE International Ltd.

Russell 1000^®Dynamic Multifactor ETF		Frank Russell Company

Russell 2000^®Dynamic Multifactor ETF		Frank Russell Company

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.



Russell 1000^®Dynamic Multifactor ETF	$	1,249,388

Russell 2000^®Dynamic Multifactor ETF		158,851

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.


		46



Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
International Developed Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	235,943,728	$	473,864	$	-	$	236,417,592

Money Market Funds		-		18,113,428		-		18,113,428

Total Investments	$	235,943,728	$	18,587,292	$	-	$	254,531,020


Russell 1000^®Dynamic Multifactor ETF
Investments in Securities

Common Stocks & Other Equity Interests	$	4,768,617,149	$	-	$	76,431	$	4,768,693,580

Money Market Funds		-		448,237,795		-		448,237,795

Total Investments	$	4,768,617,149	$	448,237,795	$	76,431	$	5,216,931,375


Russell 2000^®Dynamic Multifactor ETF
Investments in Securities

Common Stocks & Other Equity Interests	$	352,281,814	$	-	$	-	$	352,281,814

Money Market Funds		-		71,097,645		-		71,097,645

Total Investments	$	352,281,814	$	71,097,645	$	-	$	423,379,459

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022
	Ordinary Income*		Ordinary Income*
International Developed Dynamic Multifactor ETF	$	3,933,666	$	6,081,841

Russell 1000^®Dynamic Multifactor ETF		44,995,732		22,289,549
Russell 2000^®Dynamic Multifactor ETF		3,921,465		1,629,687

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Net Unrealized Appreciation- Investments			Net Unrealized Appreciation- Foreign Currencies			Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
International Developed Dynamic Multifactor ETF		$	3,188,260		$	5,670,712		$	5,784		$	(24,734,717	)		$	253,022,321		$	237,152,360

Russell 1000^®Dynamic Multifactor ETF			11,435,926			74,161,913			-			(449,114,654	)			5,137,926,593			4,774,409,778

Russell 2000^®Dynamic Multifactor ETF			860,179			3,123,039			-			(87,880,630	)			436,524,262			352,626,850

The Funds have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
International Developed Dynamic Multifactor ETF	$	23,468,720	$	1,265,997	$	24,734,717


		47


	No expiration
	Short-Term		Long-Term		Total*
Russell 1000^®Dynamic Multifactor ETF	$	449,114,654	$	-	$	449,114,654
Russell 2000^®Dynamic Multifactor ETF		87,124,667		755,963		87,880,630

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales
International Developed Dynamic Multifactor ETF	$	495,905,517	$	482,491,756

Russell 1000^®Dynamic Multifactor ETF		10,598,662,773		10,524,216,611

Russell 2000^®Dynamic Multifactor ETF		833,377,771		830,215,308

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
International Developed Dynamic Multifactor ETF	$	124,971,298	$	27,096,773

Russell 1000^®Dynamic Multifactor ETF		5,458,107,521		3,074,341,151

Russell 2000^®Dynamic Multifactor ETF		522,467,240		320,890,127

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost
International Developed Dynamic Multifactor ETF	$	11,468,837	$	(5,798,125	)	$	5,670,712	$	248,860,308
Russell 1000^®Dynamic Multifactor ETF		221,362,453		(147,200,540	)		74,161,913		5,142,769,462
Russell 2000^®Dynamic Multifactor ETF		24,994,134		(21,871,095	)		3,123,039		420,256,420

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
International Developed Dynamic Multifactor ETF		$	1,742,229			$	(5,239,637	)		$	3,497,408
Russell 1000^®Dynamic Multifactor ETF			(167,915	)			(315,049,021	)			315,216,936
Russell 2000^®Dynamic Multifactor ETF			70,026				(31,468,421	)			31,398,395

NOTE 8–Trustees’ and Officer’s Fees


		48

NOTE 9–Capital

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		49

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000^® Dynamic Multifactor ETF and Invesco Russell 2000^® Dynamic Multifactor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000^® Dynamic Multifactor ETF and Invesco Russell 2000^® Dynamic Multifactor ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023


		50

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco International Developed Dynamic Multifactor ETF (IMFL)

Actual		$1,000.00		$1,095.10		0.34	%		$1.80

Hypothetical (5% return before expenses)		1,000.00		1,023.49		0.34			1.73

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)

Actual		1,000.00		1,073.40		0.29			1.52

Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)

Actual		1,000.00		984.50		0.39			1.95

Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39			1.99

⁽¹⁾


		51

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco International Developed Dynamic Multifactor ETF		0	%		54	%		0	%		0	%		0	%
Invesco Russell 1000^®Dynamic Multifactor ETF		0	%		79	%		99	%		0	%		0	%
Invesco Russell 2000^®Dynamic Multifactor ETF		11	%		72	%		89	%		0	%		0	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco International Developed Dynamic Multifactor ETF		$	0.0431		$	0.5241


		52

Trustees and Officers

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Independent Trustees**	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		53

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		54

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of
Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		55

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Independent Trustees**	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		56

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

211

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		57

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by** Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		58

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Interested Trustee

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Interested

Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		59

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		60

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		61

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Executive Officers

Position(s)

Held

with Trust

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		62

Approval of Investment Advisory Contracts



Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF

Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares2024 Municipal Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares2025 Municipal Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares2026 Municipal Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares2027 Municipal Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares2028 Municipal Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares2029 Municipal Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares2030 Municipal Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares2031 Municipal Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TM Strategic US ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^® Dynamic Multifactor ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^® Dynamic Multifactor ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF


		63

Approval of Investment Advisory Contracts–(continued)

•

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

•

0.19% of the Fund’s average daily net assets for Invesco RAFI^TMStrategic US ETF;

•

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

•

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^®Dynamic Multifactor ETF;

•

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

•

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^®Dynamic Multifactor ETF; and

•


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2023 Corporate Bond ETF	X		X

Invesco BulletShares 2024 Corporate Bond ETF	X		X

Invesco BulletShares 2025 Corporate Bond ETF	X		X

Invesco BulletShares 2026 Corporate Bond ETF	X		X

Invesco BulletShares 2027 Corporate Bond ETF	X		X

Invesco BulletShares 2028 Corporate Bond ETF	X		X

Invesco BulletShares 2029 Corporate Bond ETF	X		X

Invesco BulletShares 2030 Corporate Bond ETF	X		X

Invesco BulletShares 2031 Corporate Bond ETF	X		X

Invesco BulletShares 2023 High Yield Corporate Bond ETF		N/A	X


		64

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2026 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2028 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2029 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2023 Municipal Bond ETF		N/A	X

Invesco BulletShares 2024 Municipal Bond ETF		N/A	X

Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2031 Municipal Bond ETF	X	N/A	X

Invesco International Developed Dynamic Multifactor ETF			X

Invesco Investment Grade Defensive ETF	X	X	X

Invesco Racial and Gender Diversity ETF	X	X	X

Invesco RAFI^TMStrategic US ETF	X		X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X

Invesco Russell 2000^®Dynamic Multifactor ETF			X

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.


		65

Approval of Investment Advisory Contracts–(continued)


		66

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-ESG-AR-1	invesco.com/ETFs

(b)	Not Applicable.

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2023.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023		Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2022
Audit Fees	$	591,320	$	630,640
Audit-Related Fees⁽¹⁾	$	11,000	$	0
Tax Fees⁽²⁾	$	455,600	$	503,956
All Other Fees	$	0	$	0

Total Fees	$	1,057,920	$	1,134,596

⁽¹⁾	Audit-Related Fees for the fiscal year ended August 31, 2023 includes fees billed for reviewing regulatory filings.

⁽²⁾	Tax Fees for the fiscal years ended August 31, 2023, and 2022 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	957,000	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	957,000	$	760,000

⁽¹⁾	Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs


Applicable to		Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)

Risk Addressed by Policy		Approval of Audit and Non-Audit Services

Relevant Law and Other Sources		Sarbanes-Oxley Act of 2002; Regulation S-X.

Last Reviewed by Compliance for Accuracy		June 15, 2018

Effective Date		June 26, 2009

Amended Dates		March 12, 2015 and June 15, 2018

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the

Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

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Bookkeeping or other services related to the accounting records or financial statements of the audit client

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Financial information systems design and implementation

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Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

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Actuarial services

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Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

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Management functions

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Human resources

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Broker-dealer, investment adviser, or investment banking services

•

Legal services

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Expert services unrelated to the audit

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Any service or product provided for a contingent fee or a commission

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Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

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Tax services for persons in financial reporting oversight roles at the Fund

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Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,721,000 for the fiscal year ended August 31, 2023 and $5,748,000 for the fiscal year ended August 31, 2022 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,133,600 for the fiscal year ended August 31, 2023 and $7,011,956 for the fiscal year ended August 31, 2022.

(h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $33 million and non-audit services of approximately $19 million for the fiscal year ended 2023. The Audit Committee considered this information in evaluating PwC’s independence.

(i)

Not Applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b)

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


		(a)(1)		Code of Ethics is attached as Exhibit 99. CODEETH.

		(a)(2)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

		(a)(3)		Not applicable.

		(a)(4)		Not applicable.

		(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Invesco Exchange-Traded Self-Indexed Fund Trust


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: November 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: November 3, 2023


By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date:		November 3, 2023